MIOTA Price Analysis: IOTA Plunged 20% in a Week

  • The IOTA price trend is in a downtrend during the intraday
  • IOTA/BTC pair is trading neutral by 0.7% at 0.00002204 BTC
  • The 24-hour trading volume in IOTA is $32 Million

The daily technical chart of IOTA represents the price action slowly moving downwards near the support. According to Pivot points (FIB), IOTA’s vital support level is $0.65. Conversely, if it rides up, the important resistance level to observe is at $0.96. Thus, while the intraday chart forms a Bearish Harami candlestick pattern, predicting prices may soon reverse to the downside with average dependability.

The moving average (MA) composed of 50,100,200-MA can be a reliable support for currency price changes. However, investors can observe the price moves below the lines, ensuring a downtrend, so until the price stays below the MA-200, A death cross can be marked in the chart.

Volume of (1.369M) is beneath the MA of 20-days (2.827M). Selling pressure is low in IOTA, making its price remain in immediate support areas. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The Stochastic RSI (oversold) with a K-0 D-14 exhibits a sell sign in the coin. Investors may witness a declining slant and a negative crossover in the index. It may rest in the negative region for future trading sessions.

IOTA Price Action Needs To Hold $0.65 Support

The price of IOTA is $0.71, a loss of 2.50%, and stays negative 19.6% in a week. In addition, due to a lack of strength, price movements are struggling in support areas. However, the Stochastic RSI indicator showed a sell signal. Therefore, for an up move, traders should increase buying pressure. Technically, the price lacks momentum and resides above the support level. Therefore, as with general market sentiment, the trend remains bearish.

Resistance: $0.96

Support: $0.65

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