- IOTA token trading among all significant EMA 20,50,200
- The IOTA / BTC pair is trading at 0.00002325BTC, down 18.28%.
- MACD is showing bearish momentum and no signs of reversal yet
In the daily timeframe, the IOTA token continues to decline and has passed a new level of support.
On Thursday the price tried to go back and move above 200EMA, but bears stormed in and dropped the price close to 200EMA at the end of the day. This also created a long wick on the top that indicated how strong bears are, which was seen falling more today from 30.84% so far.
There is also a death transition of 20-50EMA.OITA token is currently trading below any significant EMA-20, 50, 200 which is a very strong bearish signal.
MACD shows strong red bars in the histogram, also no signs of a reversal of MACD and signal line, indicating that the bearish moment is still strong.
IOTA token shows an ongoing downward trend
On the 4 hour timeframe chart where the IOTA token is moving in a small downtrend, this downtrend trendline will be a valid resistance if the price starts rising from any point. Breaking this trendline would be an early sign of a downtrend coming to an end.
The formation of 20EMA below 50EMA and 200EMA below 50EMA is also one of the main characteristics of a strong downtrend. All of these EMAs will offer significant resistance if the price moves up.
Fundamental analysis of the IOTA token
IOTA is a distributed public ledger designed to enable machine-to-machine payment on the Internet of Things, rather than blockchain. The proprietary technology is known as Tangle, a system of nodes that confirm transactions.
With no blockchain, no miner, and no fee to be paid to them, IOTA strives to provide unlimited throughput at a minimal cost.
IOTA aims to become a unique platform for executing transactions between IoT devices. As the number of such devices will only increase in the coming future, this business has enormous potential.
Conclusion– From a technical point of view, the price has shown enough bearish signal to bring the price down, the price is currently trading at $ 0.8919, traders can sell this with 20-25% of their capital and they can wait for a safer entry for that Break the $ 0.8 level and sell there for a target of 0.473.
Support- $ 0.8, 0.473
Resistance- $1.2, $ 1.47-1.53
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