IOTA (MIOTA) Analysis: IOTA Price Reaches Critical Support Zone Amid Downfall of 20.00%

  • The bearish nature in the overall market conditions provided significant damage to IOTA resulting in a negative breakout below $0.40
  • The price levels faced a downtrend of around 20% during the current market session 
  • The IOTA/BTC pair also turned negative with a loss of -16.16% bringing the current level to 0.00001089 BTC 
Source: Coinmarketcap

The weekly chart of IOTA highlights the gradual positive momentum build which resulted in a positive breakout above the crucial bullish mark of $0.40. Thereafter, the price levels faced significant resistance which was placed at $0.45, meanwhile, the overall market conditions took a negative turn allowing the bears to act. During the current market session, IOTA price faced a negative breakout below $0.40 and arrived at the critical support area of $0.35. The CMP is placed at $0.35 facing a considerable loss of 16.57% bringing the market capitalization to $1,005,365,474 resulting in a loss of -16.16%. The 24-hour volume traded has reached $69,174,683 causing a decline of 30.93%.  

IOTA Price Reaches Its Support Zone On Downside

Source: Tradingview

The technical chart of IOTA reflects on the ongoing downtrend faced which resulted in a negative breakout below the 0.382fib level. The levels have now reached the support zone which lies between 0.5fib level and 0.618fib level. It is expected that the downtrend will be halted by the support zone and the price levels might be consolidated within the region or even bounce back if the overall market conditions take a positive turn from here. On the contrary, a negative breakout below the support line placed at 0.618fib level. 

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The moving average convergence & divergence (MACD) faced a bearish crossover and the levels looked vulnerable for a fall below the signal line. 

The directional movement index (DMI) also showcased bearish nature as ADX looked vulnerable for a negative breakout against -DI. 

Resistance Level: $0.45

Support Level: $0.35 & $0.32 

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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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