- The IOTA coin price obtained good support from the 200-day EMA
- The IOTA/BTC pair trades at 0.0000206 BTC with a loss of 1.88%
- The 24 hr volume for IOTA coins is $53.5Million
As mentioned in my previous article on MIOTA, on October 10th, the IOTA coin tried to break out from the $1.4 resistance. However, the coin price failed to sustain above this level, as the next bearish candle dropped below this level, indicating a fake-out. Since then, the price has been resonating between the $1.4 and 1.195
Concerning the EMAs; The IOTA chart shows the bullish trend is still intact as its price is trading higher than the 200 EMA. However, the coin also displays the 20, and 50 EMA are on the verge of giving a bearish crossover.
The RSI value is at 47, indicating a bearish sentiment in IOTA coins.
The IOTA Coin Shows A Head And Shoulder Pattern.
The IOTA coin reveals a head and shoulder pattern in the 4hr time frame. The neckline for this pattern is located at the $1.19 mark, and the crypto traders would get an excellent short opportunity if the price gives a decisive breakout from this bottom support.
As per the traditional pivot levels, the nearest resistance for the IOTA price is $1.3, followed by 1.4. And for the opposite side, the nearest support of $1.19, followed by $1.12.
The MACD indicator shows the MACD and signal lines are moving lower than the neutral zone (0.00), indicating the bearish sentiment in the coin.
Conclusion: From a technical perspective, the IOTA coin is still under a short-term downtrend. And as mentioned above, the coin chart also displayed a bearish pattern in its lower time frame chart. Thus, the crypto traders should wait till the price gives a breakdown from the $1.19 neckline before entering a short trade.
Support $1.19
Resistance $1.3