For the past two months, the MIOTA coin has been moving sideways. The price formed a symmetrical triangle pattern in the daily time frame chart during this consolidation. The announcement of the launch of a new incentivized staging network, ‘Shimmer,’ added to IOTA’s popularity.
Technical highlights include:
In the daily time frame chart, the MIOTA price broke out of a symmetrical triangle pattern.
The MIOTA coin’s intraday trading volume is $399 million, indicating a 555.6 percent gain.
After rejecting the $2 mark on September 5th, the MIOTA coin entered a deep correction phase, with the price plummeting to $1. Since then, the coin has consolidated within this range, revealing a symmetrical triangle pattern.
For more than two months, the coin price has been resonating in this pattern, and today it attempts a strong breakout from the overhead resistance trendline. The MIOTA maintains its bullish trend by trading above the 200 EMA, according to the critical EMAs.
Furthermore, the coin’s Relative Strength Index value of 58 indicates a bullish sentiment.
The 4-hour Time Frame MIOTA/USD Chart
The MIOTA coin produced a 4-hour candle that closed above the resistance trendline, backed up by a massive surge in volume activity. However, the higher price rejecting in this candle adds some concern about this breakout, and thus the crypto trader should ensure the coin price obtains sufficient support in its retest phase before entering a long position.
According to the traditional pivot levels, the nearest resistance level for this coin is $1.5, followed by $1.67. On the other hand, the support level is $1.13.