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- The positive momentum for IOTA in the market has been halted by the bears
- The IOTA/BTC pair is also trending negative with the loss of -2.16% bringing the current level to 0.00002514 BTC
IOTA has become one of the coins for which price correction activity has arrived. The crypto asset is facing negative momentum of -1.31% bringing the current price level to $0.288431. The market capitalization is at $801,703,028 with the 24-hour volume traded of $13,835,216.
The weekly chart reflects on the gradual price recovery action made by IOTA from the past week. The price chart also reflects that the resistance level of $0.30 was giving hard time to the coin on previous occasions also. Therefore, the current downtrend after breaking above the resistance level can be justified. The digital asset must sustain above the price level of $0.290 for retesting the resistance level again.
Technical Levels Ensuring Comeback of Bulls
The technical chart reflects on the downtrend faced by the cryptoasset in the previous month which is followed by sustainability on the lower levels. The current price recovery action in the market has provided a break above the resistance which was placed at 0.382 fib level and was putting the price sustainability in doubt. The price levels have now formed a significant bullish wave on the price candle and must sustain on the current levels for capitalizing on that.
Relative strength index levels have made significant improvements in their levels and are close to the overbought region. The current level stands at 62.75
Commodity channel index levels are currently prevailing in the overbought region which is a bullish signal but should avoid any sharp negative divergence which can result in staying of the bears.
The directional movement index is also reflecting bullish nature with ADX at 33.85 and well above +DI(22.1193).
Can IOTA Test the Resistance Level of $0.30 Soon Again?
Looking at the overall market conditions and technical levels for IOTA, the stay of the bears is not expected to be long enough. However, any downfall below the minor support level of $0.27 and $0.25 will strengthen the bears. The current price levels must sustain above $0.29 for prevailing its bullish sentiment in the market further ahead.
RESISTANCE LEVEL: $0.30
SUPPORT LEVEL: $0.27 & $0.25
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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.
