MIOTA Price Analysis: IOTA Token Price Might Again Fall Into The Bearish Pit

  • MIOTA price is trailing inside an accumulation zone with an ending bullish recovery. In contrast the price is currently seeing a loss of 13.13% in the intraday session.
  • IOTA price technical indicator hints at bearish momentum. Meanwhile the IOTA/BTC pair is trailing with a loss of 13.93%.

MIOTA price is trading at $1.04 with an intraday loss of 13%. The resistance for IOTA token price on the upside can be seen at $2. On the downside, a bounceback region can be seen at $0.7. IOTA price current downtrend rally has erased most of its gain.  The price is currently trailing below 50 and 100 Daily Moving average. The 100-MA (red line) is at $1.12 making it temporary resistance  for the asset price. A significant downtrend can be expected in the upcoming months.. The IOTA/BTC pair is also seeing a bearish momentum with an aim to break the previous support. One should wait for the trend reversal before taking any positions. 

MIOTA coin is ranked 37th in CMC with a market capitalization of $2,930,367,620.07. The trading volume of the coin has seen a gain of 14% in the 24 hours. Volume to market capitalization ratio for the IOTA is 0.03, highlighting a bearish momentum.

Technical Indicators Suggests An End Of Bullish Recovery For IOTA Token Price

Source: Trading view

The coin is seeing a very weak bullish rally on the weekly chart. On the daily chart IOTA price is seeing an end in the bullish recovery. The price has formed an accumulation zone on the 4-hour chart.If the price breaks 15% below  the zone then a strong downtrend upto $0.5 can be seen. IOTA/BTC pair might also see a significant downside correction in the future .–                                                                                                              

The volume indicator on the 4 hour chart  is at 5M, showing a selling pressure. If the price goes below $1  then the selling pressure might become more significant.

RSI(Bearish): It is currently at 42.4, highlighting its presence in the neutral zone. There is a big negative slope formation  in the RSI. It hints at the possibility of an upcoming  downtrend. RSI hints a bearish trend in the price.

Conclusion

IOTA token price has seen a significant gains but most of it has been erased in the recent downtrend. The price can soon see a recovery in the upcoming days. IOTA/BTC pair can also achieve new heights. An Investor should do their due diligence before investing

TECHNICAL LEVELS

Major Support:$0.7

Major Resistance:$2

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