MIOTA Trading Red Drops -1.95% As BTC Soaks Positive Momentum

  • The coin trading at the level of $0.2689 with loss of -1.95% forms a rising wedge pattern
  • IOTA market capitalization stands at $753,427,676 and the volume recorded of $17,531,757 in the last 24-hours  
  • The coin is in the consolidation phase with respect to current market conditions  
iot 1
Source: tradingview

On the monthly chart, IOTA records a low of $0.2307 after testing the level. The price recovery helped the crypto asset to trade at the level of $0.2689, however, losing -1.95% in the last 24-hours and over the weekly time frame gained only 0.42%. On the 4-hours candlestick chart pattern, it makes a rising wedge pattern with the simultaneously rising support level. The coin is trading within the pattern taking supports and resistance of $0.2590, $0.2307 and $0.2875, $0.3050 respectively.

iot 2
Source: tradingview

Relative Strength Index (RSI) is making the lower highs and indicating the consolidation of the coin in the pattern while it also indicates the coming downside as the breakout from the pattern and trading at 43 which is under the neutral level conforming weakness in it.

Commodity Channel Index (CCI) is trading at the level of -104.00 and forms a lower high over the chart suggesting bearish momentum in the coming trading sessions. It also gives the signal of consolidation as trading in the neutral zone.

source: tradingview

Moving Average Convergence Divergence (MACD) is making the symmetric triangle pattern over the chart and making levels consolidated. The crossovers are observed under the pattern waiting for a breakout in the coming trading sessions.

Support level: $0.2590 and $0.2307

Resistance level: $0.2875 and $0.3050

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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.

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