TradeCityPro | IOTA: Testing Key Resistance in RWA-DePIN Rally👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review the IOTA coin for you. This project is one of the RWA and DePIN-based initiatives and is among the older projects in this category.
✔️ The coin has a market cap of $822 million and ranks 85th on CoinMarketCap.
📅 Daily Timeframe
As you can see on the daily timeframe, after finding support at 0.1547, the price initiated a bullish leg and moved up to the resistance zone I’ve marked.
💥 This area is a very significant resistance zone, and in this bullish leg, the price has reached it for the first time and got rejected.
🔍 In my view, as long as the price hasn’t confirmed a breakout above 0.1960, the chance of starting a downtrend is higher than continuing the current uptrend. If this resistance zone is broken, we can consider it strong confirmation of buyer strength.
📈 For a long position, we can enter on the breakout of this same zone. For spot buying, this trigger can also be used, but the main long-term triggers are 0.3774 and 0.4918.
⚡️ On the RSI oscillator, there's an important zone at the 50 level. If this level is broken, the probability of breaking 0.1960 increases. If that happens, the next support zone will be 0.1547.
📊 Make sure to pay close attention to volume. If any of our triggers are activated without volume confirmation, the likelihood of a fake breakout increases.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
