- IOTA is currently trading at $0.13, with a decline of -2.34% in today’s market session.
- The IOTA coin has given a return of nearly -44% in the previous year.
- The technical indicators summary is recommending a “strong sell” for the IOTA coin.
IOTA is a decentralized cryptocurrency that distinguishes itself as a distributed ledger with a notable deviation: it does not adhere to the traditional blockchain structure. Instead, it employs a proprietary technology termed Tangle, a network of nodes responsible for verifying transactions. The IOTA coin price is currently moving in a downtrend, followed by the formation of a lower-low structure.
The present market value of the IOTA coin stands at $0.13, reflecting a decrease of -2.37% in today’s trading session. The coin typically observes an average trading volume of $610K, with a total circulating supply of 2.7 billion coins.
IOTA coin has experienced a decline of approximately -44% over the past year, indicating a significant annual decrease that may influence investor sentiment and potentially lead to a forthcoming price reduction.
In December 2017, the coin reached its highest point at $5.69, after which it entered a downward trajectory. The coin’s value has since fallen by nearly 97%. The price pattern has taken on the form of a descending triangle, a pattern typically regarded as weak and suggestive of a potential price decline.
The overall outlook for the IOTA coin remains weak, with the price displaying a negative pattern. The formation of the recent all-time low in the price indicates a probable further decline.
The technical indicators summary is strongly indicative of a “sell” recommendation for the IOTA coin. Among the 26 indicators analyzed, 16 suggest a “sell,” while only one points toward a “buy” signal. These collective findings underscore the bearish momentum in the coin’s price.
Technical Analysis (1D Timeframe)
IOTA by writer50_tcr on TradingView.com
IOTA Price Analysis
The RSI line for the IOTA coin reflects a subdued momentum, as it is positioned below the signal line. Additionally, both lines are situated in a negative region near the 40 level, implying a potential price decline in the days to come.
In the prevailing market conditions, the MACD line maintains a position below the signal line, with both lines situated below the zero line, a scenario typically indicative of a negative outlook. Consequently, there is a likelihood of the price experiencing further declines.
Conclusion
In conclusion, the IOTA coin is moving in a downtrend. The price has given a negative return in the previous year, and the indicators are giving a weak signal. The price has recently hit an all-time low, and has also formed a descending triangle pattern. Thus, the price is likely to face new lower levels in the upcoming days.
Technical Levels
- Support – $0.1481.
- Resistance – $0.1972.
Disclaimer
The information provided in this article is solely for information purposes and is not intended to provide financial, investment, or any other advice. Trading or investing in crypto involves the risk of loss.