EOS, IOTA Price Movement Analysis for 20th March, 2021

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EOS displayed bullish power by retaking the 38.2 percent Fibonacci mark. IOTA has remained in a horizontal channel.


As the price attempted to climb above the 50% Fibonacci retracement mark, the Amazing Oscillator on EOS shows traction behind the buying hand. With declines in the last 30 days totalling more than 9%, the recent market change was a critical development for the bullish hand. A strong breakout will also see EOS trading beyond the $4.4 mark, which has not been seen in nearly a month.

The RSI pointed north from above 60, suggesting market power. Since trade rates were relatively low at the time of publication, some cynicism was applied to the mix. This operated in opposition to a breakout forecast.



Source: IOTA/USD, TradingView

As the price of IOTA continued to trade between $1.43 and $1.27, an ADX reading of 10 indicated a lack of trend. Although the price level at the time of publication was bullish and closer to the upper trendline, a turnaround towards the bottom trendline was predicted in a horizontal channel. As the index entered the upper region, the Stochastic RSI suggested any overbought conditions.

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Traders who want to profit from the rangebound trend should sell at resistance and buy at help. The bulls, on the other hand, must be careful of a move below the lower trendline, which aligned with the 200-SMA (green). In a bearish case, the next line of defence will be $1.73.

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