IOT/USD Long-term Trend -Bullish
Supply zone: $1.6000, $1.8000, $2.0000
Demand zone: $0.800 $0.4000, $0.2000
IOTA continue in a bullish trend in the long-term outlook. The bullish pressure was strong as the trendline was broken at the fourth touch and the cryptocurrency price rose to $1.1810 in the supply area from the low of $0.9553 in the demand zone.
The bullish momentum became low as the bears set in due to the formation of a bearish railway track at the supply area. The bears pushed price back to the demand zone at $0.9409.
The bulls are building up momentum for another upward price movement as we see the daily candle forming which may close as a bullish railway track. More bullish candles may likely be formed and closed above the 10-day EMA due to the bulls’ pressure.
$1.2310 in the supply area may be the bulls’ target in the long-term.
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