IOTA Bulls Defending 50-DMA After a Sharp Selloff From $2.68

  • IOTA price trading under pressure after a sharp profit-taking session and slipped below short term moving averages of 20-DMA
  • The pair of IOTA/BTC dropped nearly -3.08%, standing at 0.0000367 BTC, however currently trading above all major moving averages
Source:tradingview

IOTA price over the daily chart showing signs of relief, as buildup and bullish reversal candle. While defending the 50-Day moving averages, after hitting its new 52-week high of $2.68, a selloff is observed from higher levels.

Over the daily chart, support is placed at $1.50 and $1.30, while resistance on the higher side is $2.50 and $2.80. Volume is not supportive of the price momentum. Currently, IOTA price is successfully placed above the moving averages of 20, 50, 100, and 200-DMA, which indicates its positive strength of upcoming trading sessions.  

Source:tradingview
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IOTA price over the daily chart is trading on a bearish note after a rebound from lower levels. Support on the daily chart is situated at $1.38 and $1.32; meanwhile, resistance on the higher side is $1.80 and $1.56.

Currently, the IOTA price is trading at $2.04, with an intraday loss of -3.03%, volume recorded in the last 24-hours falls nearly -10.03% standing at $397,601,882. In comparison, the total market capitalization stands at $5,714,906,199 with an intraday drop of -3.33%. 

Relative Strength Index (BEARISH) indicates bearish momentum while trading at 46.12. However, it is continuously heading towards the oversold zone after testing the overbought zone showing its bearish trend on a shorter-term time frame. 

Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart, as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green) with no sign of significant recovery.  

Support levels: $1.50 and $1.30 

Resistance levels: $2.50 and $2.80

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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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