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IOST Swing Trade Shorting Opportunity – Technical Analysis

IOST tested and broke out of level of $0.049.The price trend is bullish and in some time the price is likely to surpass the level of $0.053

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IOST is a Proof-of-Believability (PoB) decentralized blockchain network. It claims to be a super-fast ecosystem. The core objective is to provide high transaction security and scalability to the DeFi economy. Moreover, IOST has recently announced the final development procedure for building a cross-chain transfer bridge to the Polkadot ecosystem.

Past Performance

On March 12, 2021, IOST opened at $0.046. As of March 17, 2021, the closing price was $0.046 as well. Therefore, the IOST price trend has been neutral in the past week. In the last 24 hours, IOST has traded between $0.042 and $0.051.

IOST Price Analysis

https://www.tradingview.com/x/dqwaKukz

Day-Ahead and Tomorrow

Presently, IOST is trading at $0.05. The price has risen from the opening price of $0.046. Thus, the market is positive.

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The OBV indicator is rising steeply. Thus, buying activity is high in the market. Hence, we can expect the price to move further up.

The MACD and signal lines are in the positive region. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bullish. Therefore, the IOST price is likely to go up further.

Currently, the RSI indicator is at 66%. It has just fallen from the ‘overbought’ region. It is a good time for swing traders to go short. Buying pressures are still very high. Thus, high buying activity will exert upward pressure on the IOST price.

IOST Price Analysis

Currently, the price is trading above the first Fibonacci pivot point of $0.049. As the bulls are strong, by the end of the day, we can expect the price to break out of the subsequent resistance levels of $0.052 and $0.055, respectively. Keep looking at the prices in gaps of 4-hour window.

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The price has tested and broken out of the 23.6% FIB retracement level of $0.049. Thus, the price trend is bullish and in some time the price is likely to surpass the 23.6% FIB extension level of $0.053. The price uptrend is likely to continue tomorrow as well.

#IOST #IOST Price

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Source: https://www.cryptoknowmics.com/news/iost-swing-trade-shorting-opportunity-technical-analysis

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