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•IOTA/USD is currently priced at $0.28and has decreased by 12.35% over the past day
•The trading volumes have increased by a massive 63.74% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: IOTA price is on the wane as bulls are left in the lurch
The IOTA price today is $0.286305 USD with a 24-hour trading volume of $21,092,745 USD. IOTA is down 12.35% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.02651 for the altcoin.
Even though IOTA Coin has been in a bearish consolidation since early April, the asset has been moving on a tight rope since mid-May. The bulls have been trying to push the price up but have so far been unsuccessful. The bears, on the other hand, have been successful in turning the screws on them and will be aiming to breach the next support level placed at $0.24. The bearish sentiment is depicted by IOTA Price currently transacting below the 20,50 SMA on the four-hour chart. On the flip side, the resistance for the altcoin resides at $0.36 in the event of a trend reversal.
Long Term View for IOTA Price
The technical indicators for IOTA Coin paint a bearish picture with the RSI indicator currently transacting at 33.47 after diverging from the 14-day average line and is heading towards the oversold territory rapidly. Moreover, the green histograms are about to give way to red bars on the daily MACD chart. A bearish crossover is about to occur which would spell even more trouble for the IOTA Coin investors.
Conclusion
The market has remained largely consolidated, yet the technical indicators for IOTA Coin paint a hawkish outlook for the near term. The coming week will prove to be crucial for the asset in terms of momentum and will tell us about the future course of the coin.
Support: $0.24-$0.16
Resistance: $0.36-$0.50
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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
