IOST Technical Analysis: Expect an Intermittent Price Pullback Amidst a Bullish Trend

IOST is a high-speed blockchain network based on the ‘Proof-of-Believability’ algorithm. It is a hack-free and highly scalable open-source protocol in the decentralized finance sector. It provides a robust platform for building innovative and advanced decentralized applications. IOST is the native token of this ecosystem.

Past Trends

On April 17, 2021, IOST started trading at $0.072. On April 23, 2021, IOST closed at $0.051. Thus, in the past week, the IOST price has declined by roughly 41%. In the last 24 hours, IOST has traded between $0.047-$0.053.

IOST Price Anlaysis

Day-Ahead and Tomorrow

Currently, IOST is trading at $0.051. The price has increased from the day’s opening price of $0.0506. Thus, the market seems bullish.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

Currently, the RSI indicator is at 68%. It is inching closer to the 70% mark and may enter the ‘overbought’ region. Thus, buying pressures are very high. In other words, the RSI indicator is giving further credence to a bullish price trend.

However, the A/D indicator is giving a bearish signal as opposed to the other oscillators. The A/D line has fallen sharply indicating high whale distributions. There is a negative divergence here and implies that the price uptrend might be weakening, In conjunction with the readings given by other indicators, we can say that we can expect an intermittent price pullback amidst a bullish trend.

IOST Price Analysis

As per technical analysis, currently, the price is trading above the Fibonacci pivot point of $0.05. We can expect the price to surpass the first resistance level of $0.051 soon. If the bulls remain strong, in some time, the price is likely to break out of the subsequent resistance levels of $0.054 and $0.056, respectively.

The price is soon likely to test and break out of the 23.6% FIB retracement level of $0.052. Thus, the price uptrend is strong and expected to continue tomorrow as well.


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