IOTA is stabilizing near the lower boundary of a descending channel, indicating a potential shift in market sentiment. According to analyst Jonathan Carter, selling pressure is weakening at this support level as buyers begin to step in. Rising trading volume suggests growing interest, with key upside resistance targets identified at $0.080, $0.100, and $0.120.
The cryptocurrency IOTA is consolidating near the lower boundary of a descending channel on its two-day chart. Crypto analyst Jonathan Carter stated this technical zone is acting as a strong support area where selling pressure is weakening.
Buyers are slowly stepping in, which could prepare the token for a possible upward move. Rising trading volume around this support level signals growing investor interest and improving market momentum.
If buying pressure continues, Carter identified key resistance targets at $0.080, $0.100, and $0.120. Extended bullish levels could reach $0.150, $0.175, $0.205, and $0.255 in subsequent sessions.
Technical analysis shows IOTA’s price is being suppressed below all primary exponential moving averages. The current price of $0.06138 is below the 20-day EMA at $0.06456, with immediate support at the lower Bollinger band near $0.06055.
The relative strength index is at 38.07, indicating weak momentum and a neutral-to-bearish stance. The Moving Average Convergence Divergence (MACD) lines are flat and in negative territory, reflecting ongoing consolidation and low volatility.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
