Iota Consolidating Near the Support Level of $0.278

Pratik Chadhokar
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 possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • The altcoin trading in a downtrend after making the high of $0.439 over the monthly chart 
  • After making the low of $0.230 the coin recovers and trading at the level of $0.284 near the support of $0.278
  • The market capitalization of the coin stands at $794,154,951
14 oct iota 1
source: tradingview

Iota (MIOTA) is trading at the level of $0.284 with the minor support level of $0.278 and $0.234, is the monthly low of the coin acts as the strong support. While the level of $0.300 acts as the major resistance in the upper range, the coins after making a 52-week high of $0.439 slip to the level of $0.234. However, the price recovery helps the crypto asset to trade at the level of $0.284.

The global crypto market capitalization decreased by 0.5% stands at $362.41B. Meanwhile, the volume in the crypto market also dropped by -23% in the last 24-hours. The MIOTA market capitalization stands at $795,000,691 and the volume traded at $8,498,329 in the last 24-hours.

iota 2
source: tradingview

Relative Strength Index (RSI) indicates consolidation in the coin as the indicator graph suggesting the range of the coin and it trades sideways with respect of support and resistance.

Commodity Channel Index (CCI) also shows trading in both the range as it indicates the neutral or consolidation phase of the coin.

Screenshot from 2020 10 14 15 37 59
Source: Tradingview

Directional Movement Indicator (DMI) of the coin first gives a crossover of -DI line over the +DI line, which indicates the negative momentum. As the result, the coin makes the low of $0.234 and after making the low, the positive crossover helps the coin for the bullish movement.

Support: $0.278 and $0.234

Resistance: $0.300 

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