MIOTA price analysis: IOTA coin price drops below the USD 1.37 support

  • The IOTA coin price is trying to stay above the 20- and 50-day EMA
  • The IOTA / BTC pair is trading at 0.00002238 BTC with a gain of 0.92%
  • The 24-hour volume for IOTA coins is $ 69.6 million

As mentioned in my previous article on MIOTA, the IOTA coin bounced off the $ 1.2 support on October 10, showing a long candle with lower price rejection. The coin price soared to the $ 1.53 mark. However, he managed to go over it and issued a retrograde reversal, suggesting a tweezers-top candle.

Regarding the EMAs; The IOTA price is trading higher than the crucial EMAs of 20, 50, 100 and 200, indicating an upward trend in this coin. In addition, the price is heavily supported by the 20s and 50s.

The RSI value stands at 53, which indicates a bullish sentiment within the IOTA coin.

The IOTA Coin C in the 4-hour timeframe diagram.

After the IOTA coin was rejected by the USD 1.53 resistance, the coin price also broke the next support level of the USD 1.37 level. However, the price is still trying to stay below this level as the 20 and 50 EMAs offer strong support. The current price of the IOTA coin is $ 1.38, with an intraday gain of 2.29%.

As per the Fibonacci pivot levels, the next resistance for the IOTA price is $ 1.53, followed by 1.64. And for the opposite side, the next support of $ 1.36 followed by $ 1.19.

The MACD indicator shows that the MACD and the signal lines are moving exactly in the neutral zone (0.00), which indicates the neutral sentiment in the coin. However, the crypto traders would also get better confirmation if those lines decide to step aside.

Diploma: From a technical point of view, the IOTA coin remains in a short-term downtrend. And as mentioned above, the coin price is struggling to cross the $ 1.53 resistance.

However, although the coin price has fallen below the $ 1.38 support, the technical chart shows that the price is exerting significant demand pressure, indicated by several lower price rejection candles. Hence, crypto trading should follow strict risk management when preparing for a quick short trade with IOTA coins.

Support for $ 1.2

Resistance $ 1.3

Comments are closed.