IOTA (MIOTA) has recaptured the USD 1.05 support area. However, it still follows a descending line of resistance.

Near Protocol (NEAR) is moving along an ascending support line and has ricocheted off the horizontal support area of ​​$ 2.70.

COTI Network (COTI) is trading within a descending parallel channel, trying to recapture the $ 0.245 resistance area.

MIOTA

MIOTA has fallen since it hit a high of $ 2.74 on April 16. After hitting a lower high on May 7th, it continued to decline rapidly, falling as low as $ 0.74 on May 19th.

However, it rebounded shortly thereafter, reclaiming the $ 1.05 horizontal support area. Although it is a horizontal support area, it is the .618 fib retracement support.

Technical indicators give bullish signals. The MACD and RSI are both rising, with the former not yet in positive territory and the latter below the 50 mark. However, the stochastic oscillator has created a bullish cross.

In addition, the long-term chart shows that it is most likely a pullback that contains the fourth wave.

MIOTA / USDT daily chart | Source: TradingView

The MIOTA / BTC pair is showing a similar move. MIOTA has ricocheted off the 2,170 Satoshi support area, which is the 0.618 Fib retracement support.

Also, from the January 2021 low, the entire move looks like a completed correction and momentum structure thereafter.

Finally, the daily timeframe indicators are more bullish against the USD as the RSI crossed the 50 line.

MIOTA / BTC daily chart | Source: TradingView

Highlights

• MIOTA has recaptured the USD 1.05 support area.
• It is moving along a descending line of resistance.

NEAR

On May 23, NEAR hit a low of $ 2.21 and rebounded (green symbol). The low confirmed the long-term ascending support line that has been in place since November 2020. In addition, it also confirmed the horizontal support area of ​​$ 2.70.

Technical indicators in the daily timeframe show mixed signals. There is a bullish divergence on the MACD (blue line) but the RSI is below 50.

Whether the stochastic oscillator creates a bullish cross (green circle) or rejects it will have a big impact on the direction of the future trend. However, the trend can be viewed as bullish as long as NEAR is trading above the support line / area.

NEAR / USDT daily chart | Source: TradingView

The wave count provides further bullish signals. First, the downward movement looks like an ABC correction, with the A: C wave having a ratio of 1: 1.61, which is common in such structures.

Also, the structure of wave A (highlighted in red) looks like a three-wave structure instead of a five-wave, indicating that this is not the beginning of a bearish impulse.

Finally, waves A and C have very similar time lengths, which increases the possibility that it is an ABC structure.

NEAR has yet to restore the broken channel. This will help price hit the bottom of wave A at $ 4.84 (red line) to confirm that this is not the start of a bearish impulse.

The movement from the bottom doesn’t look appealing (marked in green), but the structure is still in its early stages.

NEAR / USDT 6-hour chart | Source: TradingView

Highlights

• NEAR is trading along the long term ascending support line.
• There is horizontal support at $ 2.75.

COTI

COTI has been falling into a descending parallel channel since March 8th.

On May 23, it broke the channel to hit a low of $ 0.123. However, on the same day it returned to the support line and later confirmed it as support, creating a higher low.

Technical indicators give bullish signals. Both the MACD and RSI are moving up, with the former creating a bullish divergence. Additionally, the stochastic oscillator is about to form a bullish cross.

Similar to IOTA, COTI may have completed a pullback with the fourth wave.

However, the token is currently facing resistance at $ 0.245, the 0.618 fib retracement level. A rebound to this level would be a significant bullish development suggesting that an uptrend will follow.

COTI / USDT daily chart | Source: TradingView

The COTI / BTC pair also shows a descending parallel channel. The token bounced off the channel’s support line on May 23 and is currently moving upward.

Technical indicators are more bullish versus the USD pair as the MACD is about to enter the positive zone and the Stochastic oscillator has created a bullish cross (green symbol).

Therefore an upward movement is possible.

COTI / BTC daily chart | Source: TradingView

Highlights

• COTI trades on a descending parallel channel.
• It will encounter resistance at $ 0.245.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

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