IOT/USD Long-term Trend -Bullish
Supply zone: $1.6000, $1.8000, $2.0000
Demand zone: $0.8000 $0.4000, $0.2000
IOTA resumes in bullish trend in the long-term outlook. The cryptocurrency is on a strong support over a week now and may be set for the journey to the moon.
Although the bulls made attempt to push price high last week but could not break the $1.0432 in the supply area as momentum was lost. The bears’ pressure was strong in this area and they dropped price at $0.8890 in the demand area on June 29th.
The formation of a bullish candle at this critical support area similar to April 7th scenario gives is a signal that the bulls may likely be back.
The stochastic oscillator is in the oversold region at 20 percent with it signals pointing up. This suggests upward momentum in price movement of the cryptocurrency.
As the bull's presence and pressure increases, the break and close of candles above $1.0432 in supply area which is also above the 10-day EMA will be a good confirmation to the bulls’ takeover of the market in the long-term.
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