IOTAUSD Medium-term Trend: Bullish

Supply zones: $1.900, $1.9500, $2.0000

Demand zones: $1.7500, $1.7000, $1.6500

The pair continues its bullish trend on the first day of the new month. The bullish run began on May 29th with a bullish pinbar as seen from the chart. The bulls activities produce bullish engulfing candles that was responsible for the break of the 10 and 50-day EMAs simultaneously on the same day. The stochastic oscillator is in the overbought region but was rejected for downward momentum around the 80 percent. This is as a result of the bulls strong presence and pressure. The upward trendline acted as a good support for the upward movement. Each touch on it resulted in a bounce. Although daily candle opened bearish above the 10-day EMA, it resulted in the minor pullback by the bears that pushed price to the demand area at $1.7100. The return of the bulls at this demand area pushed price up to a new supply area at $1.8900. More bullish candles are likely to form above the trendline as the bulls increase their momentum. $1.9393 may be the bulls' target in the medium term.

IOTAUSD Short-term Trend: Bullish

The bulls are in charge of the short-term outlook of the pair. Price is in an ascending channel. The chart shows a clear picture of price forming higher highs and higher lows which are unique features of an up trending market. The 10-day EMA and the upward trendline acted as strong support rejecting price downward push. The stochastic oscillator is approaching the overbought region which is an indication of more buyers in the market. As the bulls increased their momentum more bullish candles are likely to close above the two EMAs and the trendline while price is further pushed higher.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research

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