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IOTA Price Recoups After Retracing 200 MA: Is IOTA Still In Danger

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IOTA crypto price jumped back to back three sessions after the price attempted to break below the 200-Day EMA. The price bounced back to the $0.25 level on improved market sentiments.

The daily chart shows a neutral to bullish sentiment at the moment with the bulls keenly holding their ground near the 200-Day EMA while the 4-hour outlook mirrors the the daily outlook – a swift bullish presence. 

The indications on the daily IOTA/USD pair chart reflect a sideway move with a slight bullish inclination. A price surge is suggested by the Relative Strength Index (RSI) indicator with a positive slope. On a daily chart, RSI lies in a positive space, indicating that for IOTA crypto, the buying strength still holds the upper hand. 

At the time of writing, the IOTA cryptocurrency was at $0.241 with a 24 hour rise of 1.5%. Also, it has a live market capitalization of nearly $751.13 Million. The volume to market cap ratio is 6.95% suggesting a mild volatility in the crypto.

IOTA Price Trend Analysis

Moreover, the IOTA crypto delivers a sideways to bearish outlook in the past seven to eight weeks with high volatility after a short term gain. The crypto is unable to find a clear direction for the last few weeks and is hovering back and forth in a 30% range suggesting volatility. 

Earlier, the IOTA crypto price witnessed a bullish rally in the 1st week of December 2023 which helped the price gain over 100% in just a couple of sessions. The price rose from $0.17 on November 30th to a high of $0.36 on December 4th, 2023. 

Since then, the crypto price has undergone a correction phase and was unable to conquer the December high. The price has recently dropped near the previous breakout zone however, bounced back from the 200-Day EMA indicating the presence of buyers at the lower levels. 

Now, as per the analysis performed by our technical analysts, the IOTA crypto may remain in a sideways trend and volatile until it hovers in the range. Neither the bulls, nor the bears are dominating as of now.

The recent resistance is at $0.27 level, the breakout of which may attract more smart buying volume inflow and the price may reclaim the upper supply zones. On the other side, the buyers have established themselves near $0.19, the breakdown may trigger a long unwinding and the price may drop sharply. 

IOTA Price Prediction January 2024

IOTA/USD Chart by TradingView

The bearish outlook of the analysts shows that the price has more room to decline till 200 EMA and drop to a low of 0.2181 by the month-end. The positive view of the analysts shows that the price may retrace the recent supply of $0.27.

IOTA Price Prediction 2024

The price forecast for the year 2024 highlights that the IOTA token price could reach a high of $0.368, suggesting a potential gain of over 52.1%. Moreover, the bearish outlook of the analysts points at $0.307 by the year-end.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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