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IOTA price reaches $0.145: rising valleys pattern?

IOTA price reaches rising valleys pattern

The IOTA price line sketched a ruffled price trend on the chart for the 4th of April. The cryptocurrency reached across the $0.153 mark, while it traded between the $0.1450 and $0.1540 levels for the day. mytradingidea is a TradingView analyst who believes that the cryptocurrency might form a three rising valleys pattern.

1-Day IOTA Price Analysis (4th April)

IOTA Price Chart

IOTA Price Chart by TradingView

The cryptocurrency formed a dishevelled price trend on the 4th of April. The coin began the day’s trade at the $0.1480 level, while it fell to a day’s low of $0.14515092 US Dollars just before midday. The IOTA / US Dollar trading pair rose to a day’s high of $0.15328013 US Dollars. The price line exhibited a lot of noise for the day, while the cryptocurrency was observed closing the day with a trading value of $0.15073132 US Dollars.

IOTA: technical indicators

IOTA Featured Price Chart

IOTA Featured Price Chart by TradingView

The 20-Day Exponential Moving Average (EMA) closed at the $0.15037094 mark, while the 50-Day Moving Average (MA) closed above the 20EMA, at $0.15047831. The Relative Strength Index (RSI) rose to a high of 89.62, thus depicting an overbought instance for the coin. At the time of closure, the RSI stood at 56.28.

IOTA: three rising valleys pattern?

mytradingidea was of the opinion that the cryptocurrency may see a three rising valleys pattern. 

IOTA Idea Price Chart

IOTA Price Chart by TradingView

The peaks of the first two valleys were formed on the 30th of March and the 3rd of April. The cryptocurrency turned bearish before completing the three valleys pattern. However, the idea still seems to be in play. The crypto analyst suggested that a buy signal may also be triggered.

Featured Image by Gerd Altmann.

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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