- The price action of the IOTA (MIOTA) token created a double top formation in terms of daily value.
- During the sell-off, IOTA inventors are managing the $0.23 support level well.
- IOTA price with bitcoin pair is trading up 3% at 0.000001346 Satoshis.
IOTA investors recently witnessed a significant plunge from the $0.40 level, as a consequence of which the currency lost about 40% in the past 12 trading sessions.
The IOTA currency dropped below $0.40, which remains a short-term hedging zone for bulls. On the other side, the bulls are just surviving a carnage below the 52-week low of $0.23, with the bears lately striking this support again and attempting to set a new low.
At the time of writing, the IOTA token was trading with a sideways momentum at the $0.249 mark. However, the price action of the IOTA (MIOTA) token formed a double top in terms of daily value.
IOTA price is hovering near the 2022 lows. If the bears break this important support level then there will be no chances of a trend reversal this month. Meanwhile, the market cap of the IOTA (MIOTA) token fell below $700 million in the past 24 hours.
If buyers manage to push IOTA price higher, there is now a bullish barrier near $0.30 for buyers. Amidst a sideways trend, IOTA price with the bitcoin pair is trading up by 3% at 0.000001346 Satoshis.
20 EMA has a vital bullish hurdle
IOTA price continues to receive rejection near the 20-day exponential moving average in terms of the daily price chart. And again buyers can see a pull back near this area. Moreover, the Stoch RSI is showing a sideways trend as both the moving lines seem to be flat above the oversold zone.
conclusion
Technical indicators show a sideways trend for the IOTA coin. But the bulls need to save themselves from more bloodshed.
Support level- $0.235 and $0.20
Resistance level- $0.6 and $1.0
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.