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- IOTA price has again reached the critical price area of $0.15.
- A break below the mentioned price level can result in some significant bearish momentum for the altcoin ahead in the market.
- Currently, it is facing an overall loss of -1.72%.
On the 7day-weekly chart, IOTA started by breaking the crucial level of $0.155. 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.
For the past few days, the cryptoasset was showing signs of sustainability over the price level of $0.15 which indicates that it may avoid any further downfall this month. However, the overall downfall in the market has again forced the cryptoasset to reach the critical price area.
IOTA Technical Analysis
The technical graph reflects on the significant downtrend faced by IOTA Price 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 phase.
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
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.
