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- The market capitalization of IOTA coin fell by 1.6% overnight to $588 million.
- Buyers struggled below the descending trend line on the hourly time frame.
- Trading volume decreased by 38% to $6.04 million in the last 24 hours.
IOTA crypto registered a huge accumulation phase last week but there is no bullish outlook for the long term outlook. Buyers are getting frustrated time and again due to selling on bullish market patterns.
IOTA on 4 Hour Chart
Against the USDT pair, IOTA coin trades at $0.2112 mark under the press time. The price action of IOTA crypto is suggesting a downtrend in hourly price charts. Bears connected all swing highs and found a bearish trendline (above the chart). Recently, bears deny a higher trend, resulting in, asset current structure suggests selling sign until $0.20 round level.
Price action forms the descending triangle pattern in hourly charts. Above this resistance trendline, the $0.25 level will be the next resistance zone. Meanwhile, trading volume decreases gradually closer to yearly annual low. Moreover, trading volume decreased 38% in the last 24 hours, present at $6.04 Million.
However, investors also sold-out IOTA coins after noticing a sharp decline in weekly time frame since it’s all time high level. Thus the weekly price scale suggests extreme sideways territory for the past three weeks. Thus, IOTA coin’s market capitalization fell 1.6% overnight, reported at $588 Million.
At the time, IOTA price is standing at over the lower-band of bollinger band indicator in the context of daily price scale. At the same time, the RSI indicator makes negative signs while its Peak slipped below the 50 mark. In addition, ADX shows a sideways trend for now.
Conclusion
The IOTA coin price is under strong selling pressure just above the lower band of bollinger band indicator. Buyers must maintain this support level for defending themselves from another sharp selling.
Support level – $0.20
Resistance level – $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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
