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- IOTA price action is forming higher-low and lower-high on the 4-hours chart.
- The market capitalization fell by 4.3% overnight and was reported at $602 million.
- Buyers are on the verge of lifting the IOTA price above the 20 SMA on the 4-hour chart.
Sellers have already booked their significant profit in IOTA coins and they are not stopping themselves from further decline. Along with Bitcoin’s latest 24-month low, IOTA price is also at a 52-week low mark of $0.1938. Still, buyers are wary of holding digital assets in their portfolios.
After reaching the yearly low, the buyers recovered the lower cost but it was not reliable for long term outlook. Thus the price of IOTA moves within a narrow range with a sideways trend. In terms of the 4-hour chart, price action is forming a higher-low and lower-high, drawing a symmetrical triangle pattern (white).
Against the USDT pair, the IOTA coin stays in a narrow range and buyers are bidding at $0.2180 mark at the time of writing. Crypto appears weak as live value is not far above the yearly low and buyers are afraiding to lose this zone. Resulting in, market capitalization dropped 4.3% overnight and was reported at $602 Million. At this point, Buyers are standing on the verge to up-lift IOTA price above 20 SMA on a 4 hour chart.
In terms of the daily basis chart, RSI already bounced back from the oversold area and now it stays at 39 mark. It favors recovery but still bulls need to gather more funds to keep stable ongoing recovery. The Average Directional Index suddenly shot-up from 15 level to 32 level, showing a highly volatile market. Moreover, the MACD continues declining.
Conclusion
Amideast sharp selling, buyers lost key support level of $0.25, which flipped into immediate resistance. Only RSI favors bulls and the rest of other technical indicators. It all depends on BTC, if Bitcoin moves down, then obviously IOTA coin price hits another annual low.
Support levels- $0.20
Resistance levels- $0.30 and $0.40
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.
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.
