IOTA (MIOTA) Price Analysis: IOTA Regains $0.10 Mark With Signs Of Market Recovery

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The overall market conditions are showing recovery signs as BTC surged above the price level of $5k again with ethereum avoiding price break below $100
  • During the price recovery, IOTA also managed to regain the price mark of $0.10.
  • However, it is still facing an overall loss of -23.56%.

price
Source: coinmarketcap

On the 7day-weekly chart, IOTA started by breaking the crucial level of $0.20. it indicated that there is a potential of major downfall. The altcoin slipped from the price level of $0.90 to $0.10 within two days. However, the support level of $0.10 kept the price mark intact.

However, today’s major downfall in the overall market was enough to break the support level and the cryptoasset plunged below the level of $0.10. It indicated that the bears are providing heavy price damages to the crypto asset in the market.

But the overall recovery followed in the market provided the altcoin the much-needed boost to the level of $0.10. The coin is still facing an overall loss of -23.56% with a market cap of $295,996,316 and a volume traded of $15,968,761.

IOTA Technical Analysis

Screenshot (78)
Source: tradingview

The technical graph reflects on the significant downtrend faced by IOTA during the overall bearish momentum in the market. Fib retracement level reached a low level of 0.236 and Iota bounced back from the level to again reach $0.10

The symmetric triangle was also broken indicating that a major downfall may be coming for the altcoin but the market recovery prevented it.

MACD levels also attempted to reach the bullish zone but were unsuccessful. This also indicates that buying volume increases may provide MACD some positive phase.

The 24hr-RSI is showing bearish nature and currently is in the oversold region.

The 24hr-CCI is showing volatile nature by having sharp negative divergence from the overbought region to the oversold region.

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