IOTAUSD Long-term Trend -Bullish
Supply zone: $2.1000, $2.3000, $2.5000
Demand zone: $1.8000 $0.6000, $1.4000
Iota is in a bullish trend in the long-term outlook. The pair resumes the month bullish likewise the week. The weekly candle open bullish at $1.4433 below the 10 and 50-day EMAs. The bears succeeded in dragging price to the demand area at $1.3285 and lost momentum. This brought the bulls back to the market. They exercised strong pressure and this led price been pushed to the supply area at $2.0267.
Currently, price is above the 10-day EMA. This is an indication of strong bullish momentum. Minor pullbacks may be experienced but this should be seen as a market correction for upward trend continuation.
The Stochastic Oscillator is at 51 percent which is buyers region. As the bulls increased their presence and pressure price may continue the journey north. $2.3000 may be the bears target in the long-term.
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