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IOST Price Analysis IOST / USD: Swift Development

New partnerships have dramatically changed the outlook for IOST.

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  • IOST has a bullish short-term trading bias, with the cryptocurrency recovering above its key 200-period four-hour time frame
  • The four-hour time frame shows that the IOST / USD pair has broken above an ascending wedge pattern
  • The daily time frame shows that the IOST / USD pair has now moved back inside a neutral wedge pattern

Fundamental Analysis

IOST spiked after the project announced that it is planning to participate in the biggest gaming expo and struck multiple partnerships with traditional game publishers. This could help the project to further expand its ecosystem and increase the adoption of its platform.


IOST / USD Short-term price analysis

IOST has a bullish short-term trading bias, with the IOST / USD pair recovering above its key 200-period moving average on the four-hour time frame.

The four-hour time frame is showing that a bullish technical breakout has occurred, with the IOST / USD pair breaking above a large descending wedge pattern. A bullish moving average crossover is also in play across the mentioned time frame.

Technical indicators on the four-hour time frame are bullish and continue to issue a buy signal.

 

IOST H4 Chart August 8 by TradingView
IOST / USD H4 Chart by TradingView

 

Pattern Watch

Traders should note that a bullish triple-bottom pattern is also in play across the daily time frame.

Relative Strength Index

The RSI indicator on the four-hour time frame is bullish, although it has now reached overbought conditions.

MACD Indicator

The MACD indicator on the four-hour time frame is bullish, with both the MACD signal and histogram issuing buy signals.


IOST / USD Medium-term price analysis

IOST has a bullish medium-term outlook, with the IOST / USD pair rallying above its trend defining 200-day moving average.

The daily time frame is showing that bulls have moved price back inside a neutral wedge break is still underway, following a false bearish breakout.

Technical indicators on the daily time frame are bullish and continue to generate buy signals.

 

IOST Daily Chart August 8 by TradingView
IOST / USD Daily Chart by TradingView

                                                                                

Pattern Watch

Traders should note that we may see bulls forcing the IOST / USD pair back towards the top of the wedge pattern.

Relative Strength Index

The RSI indicator on the daily time frame has turned bullish and is issuing a strong buy signal.

MACD Indicator

The MACD indicator on the daily time frame is bullish, with both the MACD signal line and histogram issuing buy signals.


Conclusion

The recent rally in the IOST pair has dramatically changed the short and medium-term technical picture for the cryptocurrency.

If bulls can hold onto recent gains, the bullish patterns on both time frames suggest we could see more upside ahead for the IOST / USD pair.

 

Check out the IOST coin guide.

 

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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