IOT/USD Long-term Trend -Bullish
Supply zone: $1.6000, $1.8000, $2.0000
Demand zone: $0.800 $0.4000, $0.2000
IOTA remains in a bullish trend in the long-term outlook. The bearish pressure was strong last week as price was pushed down to $0.9058 in the demand area. This cryptocurrency was in the same area on the 24th and 29th of June.
The bulls returned and pushed price back up to $1.0620 in the supply area. The formation of bearish inverted hammer returned the bears whose momentum was weak and could manage a push down to $0.9719 in the demand area before the bulls stage a comeback with a large bullish engulfing candle.
The cryptocurrency opened the week with a bullish candle at $1.0097. The stochastic oscillator is at 52 percent with its signal pointing up. These imply we may see upward movement in price as the bullish momentum increase.
Price is above the two EMAs crossover and the upward trendline. A break and close above $1.0432 in the supply area may likely occur within the week and the journey up $1.1400 may occur in the long-term.
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