IOTA Price Analysis: MIOTA Testing The Depths Of New Water

IOTA looking for a breakout from consolidation
  • MIOTA Price is currently moving in a consolidated zone with an intraday loss of 5.03%,
  • IOTA indicators are on the neutral side with a hint of bearish momentum and ready for the support of $1
Source:Trading view

MIOTA price is currently at the value of $1.2 with an intraday loss of.4.9%. IOTA price on going upwards will face major resistance at the value of $1.5, and on the downside, it can see a bounce back from $1.00. IOTA has given a whooping return of 400% in less than 4 months. The price of IOTA jumped from a low of $0.26 to $1.25. It is currently trading above 50 and 200 Moving average. The 50 MA yellow line is at the level of making it temporary support for the coin. The IOTA/BTC pair is currently on a glass floor with an intraday gain of 1.9% and currently showing strength for reaching higher levels.

MIOTA is currently ranked at 26 in the crypto-verse with a market capitalization of $3,320,850,432.The 24-hour trading volume for the coin went down by 8.39%

IOTA Struggling To Give A Positive Breakout 

Source:Trading view
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IOTA weekly chart shows positive momentum. While coming on to the shorter time frame of 4hrs, it has formed an accumulation zone.MIOTA price might go down to lower levels if it breaks down on the lower side of the rectangle

The volume indicator on the 4hr chart is at 157K, indicating a sell signal with lower strength. It can see a rise in buying if it breaks above the pattern.

RSI(Neutral): It is currently trailing at the value of 51.28, showcasing its presence in the overbought zone. There is no significant positive slope formed in the RSI, highlighting that IOTA price will trail someday more in the consolidated zone before giving any major breakout.

IOTA Struggling In A Shallow Depth Of The Ocean

IOTA coin has great potential and can reach to the higher Levels. It has given great return to the investors and can do the same in the future.IOTA/BTC pair shows strength for recovery and can see the new highs. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$1.00

Major Resistance:$1.55

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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