•IOTA/USD is currently priced at $0.27 and has decreased by 1.38% over the past day
•The trading volumes have increased by 12.66% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the IOTA Coin bulls be able to provide some respite in the near term?
The IOTA price today is $0.276507 USD with a 24-hour trading volume of $8,461,001 USD. IOTA is down 1.38% in the last 24 hours. The trading volumes have increased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.01101 for the altcoin.
The 4-hours price chart for IOTA price analysis also confirms a bearish trend for today, as the overall momentum remains bearish for today as well. The IOTA price is currently transacting below the 20,50 SMA on the four hour chart and the $0.24 area appears to be a support zone for the altcoin. Despite a slight increase in trading volumes over the past day, the trend so far in the market is bearish which can be observed from the decline seen at the beginning of the trading session. The bulls, on the other hand, will be tasked with the heavy responsibility of dragging IOTA Coin from the rut it finds itself in, and climb towards the resistance level placed at $0.30 in the near term. Doing so would incapacitate the bears and possibly kickstart a trend reversal.
Long Term View for IOTA
The Relative Strength Index (RSI) Score Index for IOTA is back at 37.82 following the recent bearish trend. The altcoin looks headed towards the oversold territory as the bears look to tighten their screws on the asset. The MACD indicator, on the other hand, shows that the red histograms are continually gaining traction on the daily chart. In another event that solidifies the bearish presence in the market, theMACD and signal lines are transacting in the negative territory as the gap continues to widen between the two.
IOTA has witnessed continued downfall in price since the last month. The technical indicators for the altcoin call for the downtrend to continue as bulls struggle to find their footing in the market.
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.