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IOST Price Analysis: Will IOST be able to cancel its short-term bearish rally by staying neutral over the long term?

  • IOST’s price remains bearish after a brief failed bullish attempt over the hourly chart
  • The token’s CMP is its current 24-hour low price mark with a reduction in its monthly performance by 1.85%
  • However, the token appears to be neutral after a solid bearish trend on the daily chart

IOST’s price stays bearish despite entering 2022 with a relatively stable price. The token’s market cap saw a fall in its value by 5.25% in the last couple of hours. The 24-hour trading volume saw a fall of 1.62% during the intraday session. The volume to market cap ratio stands at 0.07625. The IOST/BTC pair looks bearish with an intraday decrement of 3.73%, followed by the IOST/ETH pair losing 2.1% during the intraday session.

IOST’s hourly chart shows the ongoing negative sentiment in the market. The 50, 100 and 200 EMA lines stay above the current candlesticks to denote the constant bearish force over IOST. The token’s current market price stays in the accumulation zone, returning after falling. There has been a spike in the buying volume whenever the token returned to the above-said zone.

IOST’s current rally over the long term stays neutral to overcome its previous bearish force

The daily chart of IOST shows that the token is busy gaining a stable neutral momentum to eliminate the previous bearish trend. The MACD line runs parallel and below the zero level. The RSI graph resides in the neutral zone with no plan to get into either extreme zone.

Conclusion- IOST’s current trend is full of volatility and bearish momentum. However, its long-term rally is slowly stabilising and may give the boost it requires soon. One may think of investing in the long term or the short term for day trading.

Resistance- $0.0386

Support- $0.0232

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Categories: News
Ritika Sharma: Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.