Bears Strike IOTA With The Help of Resistance Mark of $0.28

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.
  • IOTA is becoming one of the top losers on Tuesday’s market session facing an overall loss of -2.55%
  • The IOTA/BTC pair is also on a significant decline with an overall loss of -2.92% bringing the current level to 0.00002463
  • However, the cryptoasset currently looks backed by the support level of $0.250

Iota is facing significant downtrend momentum in the current market with a loss of around 3.00% bringing the CMP to $0.264285. The market capitalization stands at $734,588,357 with the 24-hour volume traded of $10,050,927. The volume traded has seen an increase of $3,233,518 in the negative scenario. 

Source: Coinmarketcap

The weekly chart highlights the attempt by the altcoin to reclaim the crucial level of $0.30 which was halted in between by the resistance level of $0.28. During the downtrend, it showed sustainability over the price level of $0.27, however, the bears came back much stronger which forced the levels to drop to $0.255. Any downfall below the support level of $0.250 might indicate that the bears are planning to stay. 

IOTA(MIOTA) Technical Analysis 

Source: Tradingvew

The technical chart highlights levels from the end of August which were around the bullish area of $0.40 to the downtrending month of September in which the price levels reached the critical support area of 0.234. Fib retracement levels reflect on the significant selling volume faced by IOTA after breaking below 0.5fib level. Afterward, the cryptoasset has made several attempts to cross and maintain stability over 0.236fib level but failed in doing so. 

RSI levels are showcasing downtrending nature and currently standing at 37.20 which can be a bearish signal. 

MACD levels have flattened after facing a bearish crossover which indicates the strong intention of bears to stay. 

CCI levels have traveled down to the depth of the oversold region which is also a negative sign. 

RESISTANCE LEVEL: $0.280 & $0.300

SUPPORT LEVEL: $0.255 & $0.234

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