IOTA Coin Price Trades Positive After Removal of David SØstebØ From Foundation as Board had Consensus

  • After arriving on the support zone of $0.25 during the downtrend, IOTA coin price was able to have a positive bounce back on Saturday’s market session
  • The MIOTA/BTC pair has also turned positive with an overall gain of 3.30% bringing the current level to 0.00001588 BTC
  • The positive trend for the crypto asset started after IOTA founder, David SØstebØ, was out from Iota foundation by the decision made by the supervisory board. 
Source: Coinmarketcap

IOTA coin price faced a significant negative trend in the weekly price performance chart resulting in a negative breakout below the crucial mark of $0.30. The price levels went all the way down to the critical support zone around $0.25. The support level did provide a positive bounce back to its price, which was supported by the fundamentals in the market. The CMP is placed at $0.291358 with a significant gain of 6.48%, bringing the market capitalization to $814,088,510 and the 24-hour volume traded of $14,386,306. The current positive trend of the coin is also supported by the bullish performance of the MIOTA/BTC pair. 

One of the glaring news came from IOTA Foundation about the founder of IOTA, David SØstebØ, removal from the community for which the decision was made by the Supervisory board while arriving on Consensus. The board members justified the shocking decision for the best interest of IOTA and to protect its community.

Technical Levels Showcases Positive Nature for IOTA Coin Price

Source: Tradingview
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The technical chart of IOTA highlights the sharp positive divergence made by the price levels during the past month breaking above the bullish marks of $0.30 and $0.40, respectively. During the bullish trend, the price levels arrived at the critical resistance zone around $0.40 from which it started to face significant negative reversals. The significance of the negative trend increased from the past couple of days as the overall market conditions turned significantly bearish, resulting in the levels to arrive at the support price of $0.25. However, the positive bounce back in the current market session is looking confident to provide a positive breakout above the crucial mark of $0.30 again for the crypto asset. 

10-EMA and 20-EMA are still below 50-EMA, which indicates that the levels need to improve. Meanwhile, the price candle had a positive crossover against 10-EMA and looked to break above 20-EMA. 

The moving average convergence & divergence (MACD) gave a bullish crossover which can provide momentum to IOTA coin price in the upcoming trading sessions. 

The relative strength index (RSI) is showcasing positive nature after touching the oversold region and forming a rising channel pattern. The current level stands at 45.06. 

The directional movement index (DMI) is also improving its levels as ADX (21.37) had a positive crossover against -DI (15.74). 

Resistance level: $0.35 & $0.40 

Support level: $0.25 

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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.

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