google-news-img
spot_imgspot_imgspot_img

IOTA Price Analysis: IOTA Price Action Leads To The Asset Trending Deep In The Red

•IOTA/USD is currently priced at $0.26 and has decreased by 6.09% over the past day

•The trading volumes have decreased by 50.68% over the past day

•The technical indicators suggest a hawkish outlook for the near term

Short Term View: IOTA Coin falls further following 6% slump

The IOTA price today is $0.261436 USD with a 24-hour trading volume of $13,669,211 USD. IOTA is down 6.09% in the last 24 hours. The trading volumes have decreased over the past day amid increased selling pressure whereas the Volume to Market Cap Ratio stands at 0.01881 for the altcoin.

IOTA Coin was predominantly in the red today, as it extended a recent losing streak that has sent prices down to multi-week lows.This latest drop seems to have taken prices below the support level of $0.30 which will act as a resistance in the near term. The asset may have a hard time violating this level, and therefore, the closing of candles above this level can trigger a bullish reversal. The bears will be aiming to plunge IOTA prices further around the support level placed at $0.22 as the altcoin struggles to attract buyers at the current price levels. The bearish sentiment is captured by IOTA Coin transacting below the 20,50 SMA on the four hour chart. 

Long Term View for IOTA Price

The technical indicators for IOTA Coin are bearish for the near term as the MACD indicator shows the MACD and signal line transacting in the negative zone. The decreasing size of the green histograms further accentuates the pain of the bulls. In addition to this, today’s drop of more than 6% has also led to a decline in relative strength, and the 14-day RSI has slumped below the 14-day average line and is currently transacting at 41.12. 

Conclusion 

While the IOTA price declined on Tuesday, volume too followed suit which could indicate the presence of intense selling pressure. Hence, the downtrend is not about to end anytime soon. 

Support: $0.22

- Advertisement -

Resistance: $0.30

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

Our Newsletter

Subscribe to our newsletter to get the latest news and promotions.

Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing