Today we've got a couple of thoughts on the IOT/USDT pair. Let’s have a look at how events might play out in the short term based on some popular technical indicators. For our short term forecasts we’ll be using the hourly data from the Binance exchange. ge.
Observing the chart above, over the last few hours we have seen the seven point moving average sit consistently above the twenty five point moving average as the buyers maintain control and keep the price rising steadily upwards. Hopefully this trend will continue for IOT/USDT and we will see the price rise even further over the next few hours. Once the seven point moving average crosses below the twenty five point moving average we can confirm a pause in the bullish activity.
Over the last few hours we have seen the fast MACD line crossover and drop below the slow signal line hinting at the possibility that a decrease in price is on the way. This could be bad news for IOT/USDT and we may see a bearish trend develop in the short term. Once we see the fast MACD line crossover and rise above the slow signal line we can confirm a pause in any downward trends.
We can observe on the above graph that the RSI recently rose above the 70 point threshold showing that IOT/USDT was overbought. As a result we could see a drop in price in the near future in response to this as the bears exit with a tidy profit.
So there you have it, with 2 out of our 3 indicators suggesting that a decrease in price is on the way in the short term we could see a new downward move for IOT/USDT.