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•IOTA/USD is currently priced at $0.66 and has decreased by 1.33% over the past day
•The trading volumes have decreased by 38.91% over the past day
•The technical indicators suggest a continuation of the bearish trend
Short Term View: IOTA Coin sees no improvement in fortunes
The IOTA price today is $0.661307 USD with a 24-hour trading volume of $43,933,308 USD. IOTA Coin is down 1.33% in the last 24 hours. The trading volumes have decreased over the past day, with the altcoin struggling to attract buyers at the current price levels. The Volume to Market Cap Ratio stands at 0.0239 for the altcoin.
The sideways rally in IOTA price has flattened the crucial SMAs level. The indecision amongst the investors is reflected by the altcoin trading above the 20 SMA but below the 50 SMA on the four hour chart. If the IOTA Coin continues to trade with the same trajectory and breakdown below $0.54, the next stop would be at $0.42. Whereas, on the upside the altcoin has a resistance at $0.83 which, if broken, could fuel the altcoin to rise towards the next resistance placed at $0.96.
Long Term View for IOTA Coin
Source: IOTA/USD by TradingView
The RSI is currently trading well below the 50 (trading at 37.29) and is heading towards the oversold region. If the RSI begins to make its way back towards the 50 handle this would be a sign that the bearish momentum is fading within the market.The MACD and signal lines are transacting in the negative zone and the gap between them is increasing. This is a bearish signal as is demonstrated by the red histograms increasing in strength on the daily chart.
Conclusion
The market has not recorded any gains over the past few weeks as the losing streak continues. The altcoins have bore the brunt of the bearish trend,with IOTA Coin in particular, hit very hard. The downtrend is likely to continue in the upcoming days.
Support: $0.54-0.42
Resistance: $0.83-$0.96
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
