MIOTA Price Analysis: IOTA Breaks Through The $0.65 Support

Source: IOTA/USD on TradingView

The daily technical chart of IOTA represents the price action breaks below the support. According to Pivot points (FIB), IOTA’s vital support levels are $0.65 & $0.47. Conversely, if it rides up, the critical 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 exponential moving average (EMA) 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 until the price stays below the EMA-200.

Volume of (2.86M) is beneath the MA of 20-days (3.61M). Selling pressure is high in IOTA, making its price fall below support areas. Investors may also observe diminishing volume bars in the chart, which indicates a big move is expected in upcoming trading sessions.

The MACD indicator gives (bearish) crossover below the signal line on July 16, indicating a sell signal in the coin. Moreover, Investors can see tiny red bars in the Histogram index.

IOTA Price Action Plummets 22% in a Week

The price of IOTA is $0.64, a loss of 6.1%, and stays negative 22.2% in a week. In addition, due to a lack of vital price movements, breakthrough support areas. However, the MACD indicator showed a sell signal. Therefore, if price levels rebound from the support, it will be in favor of bulls. Technically, the price lacks momentum and resides below the support level. Thus, as with general market sentiment, the trend remains bearish.

Resistance: $0.96

Support: $0.65 & $0.47

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