IOTA (MIOTA) Price Analysis: Resistance Of $0.15 Keeps Struggling IOTA Prices

• IOTA reached $0.13 as overall market conditions are showing bearish as BTC plunged below the price level of $6.5k again with ethereum price break below $130.
• Iota altcoin price is facing an overall loss of -5.72%.

On the 7day-weekly chart, IOTA started by breaking the crucial level of $0.145. it indicated that there is a potential of major downfall. The altcoin slipped from the price level of $0.15 to $0.10 within two days. However, the support level of $0.10 kept the price mark intact.

However, with the overall positive momentum in the market, the altcoin made little price recovery to the level of $0.15 where it faced heavy resistance. It indicated that the bears can provide heavy price damages to the crypto asset at that level in the market.

But the overall recovery followed in the market provided the altcoin the much-needed boost to the level of $0.14. However, with the overall bearish movement faced by all the crypto assets IOTA break below the sustainable level of $0.14

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. As of now, it is sustaining at 0.5.

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 bearish zone but were successful. This also indicates that buying volume increases may provide some positive phases.

The 24hr-RSI is showing positive nature and currently is in the normal region.

The 24hr-CCI is showing volatile nature by having sharp negative divergence and positive divergence.

Resistance level: $0.15

Support level: $0.14 and $0.13

Pratik Chadhokar

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.