- The coin price has fallen by 0.78% in the last 24 hours.
- IOTA has recently launched its IOTA 2.0 version coin.
IOTA is a distributed ledger blockchain designed for the Internet of Things (IoT). It stores transactions on its ledger by using a directed acyclic graph. It aims to provide limitless throughput at lower expenses.
IOTA Coin Price Analysis
IOTA coin is trading at $0.158 with an intraday decline of 0.78%. The coin has been trading with a volume of $6,945,939 in the last 24 hours. It has a market capitalization of $4,22,8711,490 and it has a current circulating supply of 2,779,530,283 IOTA coins. In addition to this, it has a maximum supply of 4,600,000,000 IOTA coins.
IOTA Coin Analysis on 1-Day Timeframe
After the constant fall in the IOTA price, it has recently formed support of $0.1443 and is sustaining above it. The price has gained around 5.50% since it has formed support. In the wider outlook of the chart, the price can be also seen trading inside a parallel channel.
The IOTA price is also below the 100 and 200 EMAs which indicates that the sellers are currently controlling it.
The RSI is below 50 and has started to slope in the downward direction after facing resistance from the 50 RSI level. This shows the domination of sellers and indicates that there is more room for them on the downside as the RSI line slopes in the downward direction.
If the price breaks below the $0.1443 support, it could be seen continuing its fall to its next possible support at $0.1250. However, for the price to continue this bullish rally initiated from the $0.1443 level it must give the breakout of the parallel channel. Subsequently, it may rise to its resistance at $0.1871.
Conclusion
The overall trend is bearish for the IOTA coin as its price has been consistently falling. The price is trading inside a parallel channel. Recently, it has formed support at $0.1443 and is sustaining above it.
The price has bullish momentum as the crypto leader Bitcoin is also showing bullish momentum in its chart. This could also affect the IOTA coin price in the upcoming days if BTC makes a strong upward move. If the price forms a strong bullish candle and gives the breakout of the parallel channel, then the price might be seen reaching its resistance at $0.1871.
However, for the price to continue its downtrend it must close below the $0.1443 support level, and it may then continue its downtrend to its next support at $0.1250.
Technical levels
Resistance Levels: $0.1871.
Support Levels: $0.1443 and $0.1250.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.