•IOTA/USD is currently priced at $0.36 and has decreased by 15.30% over the past day
•The trading volumes have increased by 19.84% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: IOTA bears romp to victory in a canter
The IOTA price today is $0.364102 USD with a 24-hour trading volume of $113,124,660 USD. IOTA is down 15.30% in the last 24 hours. The trading volumes have increased over the past day amid increased selling activity whereas the Volume to Market Cap Ratio stands at 0.1118 for the altcoin.
IOTA reached its all time high of $5.69 on Dec 19, 2017 but a series of corrections since then has wiped off a significant portion of it’s value. Currently the asset is stuck in a downtrend. The IOTA Price is maintaining a notable descending trend from the past many days as the recent plunge has dragged the price much lower beyond the support levels. The next support level for the asset resides at $0.28. The crucial 20,50 SMAs showcase a bearish alignment with the downtrend, with IOTA price transacting below them on the four hour chart. On the flip side, the resistance for the altcoin is placed at $0.50 which the bulls will need to tend to.
Long Term View for IOTA Price
The RSI slope for IOTA is displaying a sideways trend in the oversold zone (transacting at 21.83) and a lack of bullish attempt to exit the territory. Hence, with increasing selling pressure, the RSI showcases a solid bear trend in action. The MACD and signal lines show a falling trend in a bearish alignment, diving deeper into the negative territory. Moreover, the increasing intensity of the MACD histograms displays no sign of reversal any time soon.
Conclusion
The technical indicators for IOTA are extremely bearish for the near term and hence a huge plunge may be imminent after a minor jump in the past week.
Support: $0.28-$0.20
Resistance: $0.50-$0.65
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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