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•IOTA/USD is currently priced at $0.76 and has decreased by 1.77% in the past day
•The technical indicators suggest a bearish outlook for the near term
•The trading volumes have decreased by 56.05% over the past day
Short Term View: IOTA price action confirms bearish stronghold
The IOTA price today is $0.761916 USD with a 24-hour trading volume of $23,146,651 USD. IOTA Coin is down 1.77% in the last 24 hours. The trading volumes have decreased by a significant margin in the past day, suggesting increased profit booking occurring at the current price levels. The Volume to Market Cap ratio stands at 0.01093 for the altcoin, reflecting the weak sentiment prevailing in the market.
After reaching its all-time high of $5.69 on Dec 19, 2017, the IOTA Coin price has been consistently decreasing since reaching this top. The altcoin is currently in a downtrend as it is transacting below the 20,50 SMA on the four-hour chart. The closest support area before today was found near $0.680 if the bears keep up the pressure whereas, on the flip side, the resistance is placed at $0.884. If IOTA manages to climb back, the hurdle at $0.940 would be the next resistance to the upside.
Long Term View for IOTA Coin
The RSI for the altcoin is currently transacting at 43.78, giving off a neutral signal. Data of the Relative Strength index for IOTA points towards the strengthening of the position of sellers as the RSI value in the purchase line indicator is directed downwards, with the RSI heading towards the oversold region. The histograms on the MACD indicator have turned red with the rise in the selling pressures. A bearish crossover was also observed on the daily chart three days ago. Further continuation of the bearish momentum will see the MACD and signal line fall below the zero line.
Conclusion
Short-term technical analysis for IOTA Coin remains pretty bearish, with most indicators leaning towards a negative price sentiment for the coming days and weeks. Hence we are likely to see a continuation of the downtrend in the near term.
Support: $0.680
Resistance:$0.884-$0.940
ALSO READ: Billionaire Mike Novogratz believes Bitcoin will soar to the Moon-above $500,000
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
