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- The overall market conditions are showing recovery signs as BTC surged above the price level of $6k again with ethereum to the level of $140
- During the price recovery, IOTA also managed to regain the price mark of $0.18.
- It is having a significant overall gain of 31.81%.
On the 7day-weekly chart, IOTA started by the crucial support level of $0.12. it indicated that there is a potential for major price recovery. The altcoin slipped from the price level of $0.90 to $0.10 quite sharp due to the overall bearish market. However, the support level of $0.10 kept the price mark intact.
However, today’s major positive movement in the overall market was enough to break the resistance level and the Cryptocurrency surged above the level of $0.18. It indicated that the bulls are attempting for a heavy price recovery 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 $0.20. The coin is still facing an overall gain of 31.81% with a market cap of $486,996,316 and volume traded of $26,968,761.
IOTA Technical Analysis
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
MACD levels also reach the bullish zone and showing downtrend nature. This also indicates that buying volume increases may provide macd some positive phase.
The 24hr-RSI is showing downtrending nature and currently about to reach the oversold region.
The 24hr-CCI is showing volatile nature by having sharp negative divergence from the overbought region to the oversold region.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
