The IOTA (IOTA) price has broken out from a descending resistance line and has been increasing at an accelerated rate over the past three days.
The IOTA price has been increasing since June 27, when it initially dropped to the 2220 satoshi support area.
Resistance Line Breakout
Two days later, the price created a bullish hammer candlestick and broke out above a descending resistance line and 50-day moving average (MA) the following day. The price has been increasing at an accelerated rate since, and volume has also picked up.
However, the price is facing resistance from the 200-day MA and has created a long upper-wick. If successful in moving above it, the closest resistance area would be found at 2,700 satoshis, which was the high from which the descending resistance line began.
Cryptocurrency trader @CryptoNTez stated that the IOTA price is moving towards 2700 satoshis, and believes the price will soon reach this level. This target also coincides with our closest resistance area.
In the shorter-term, we can see that the price has moved above the 0.5 Fib level of the entire previous decrease and possibly turned it to support. However, the price reached a temporary top at the 0.79 Fib level.
The movement since the breakout resembles a five-wave Elliott formation, which could end at 2,700 satoshis, the previously mentioned resistance area.
There is a bearish divergence developing in the RSI, so a decrease would be expected afterward.
Similarly, the IOTA/USD pair has been increasing over the past five days. The price bounced at the $0.207 support area and afterward moved above the 50 and 200-day MAs, which have made a bullish cross. This often means that an upward trend has begun.
If IOTA continues moving upwards, the next closest resistance levels would be found at $0.255 and $0.295.
Source: Be In Crypto