IOTA Price Analysis: IOTA Price Might See A Bearish Trap In Upcoming Days

• MIOTA price is currently on a downtrend with a loss of 0.79% in the intraday session. The price can break the support in upcoming days
• Technical indicators  for IOTA hints a bearish momentum in the price. Meanwhile the IOTA/BTC pair is seeing a downtrend with a loss of 0.88%.

IOTA price is trailing at $1.94 with an intraday loss of 0.8%. The price can face resistance on the upside at $2.5. On the downside, a bounceback can be expected from $1.5. IOTA has seen more than 400% from the start of the year.  It  is currently trading above 50 and 100 Daily Moving average. The 50-MA (red line) is at $1.84 making it temporary support for the price.It can see a negative crossover from 50MA in the upcoming trading sessions. It may push the price to lower levels.                                                                       MIOTA is currently ranked at 36th in the crypto-verse with a market capitalization of $.$5,393,367,620.07. The trading volume of the coin went down by 33% in 24 hours. Volume to market capitalization ratio for the coin is 0.03,which shows a downtrend in price.

Technical Indicators Hints A Downtrend For IOTA Price

The weekly technical chart of IOTA shows a bearish momentum in the price. On the daily chart the price of the coin is seeing a weak downtrend.The price has formed a downside parallel channel on the daily chart.If the price breaks 15% above the parallel channel then a robust bullish momentum can be seen. IOTA/BTC pair might also see a downside correction in the upcoming days.                                                                                                                                  

The volume indicator on the daily chart is at 13.28M, with a small selling pressure. If the price goes below $ 1.5 than a strong downtrend can be seen

RSI(Bearish): It is currently trailing at 48.61, highlighting its presence in the neutral zone. There is a negative  slope formation  in the RSI. It showcases that price might see a downtrend. The overall sentiment of the RSI is bearish

Conclusion

IOTA price has seen a significant jump in the last few months. The price is currently in a slump but can soon see a recovery. IOTA/BTC pair can also see a great returns in upcoming days. An Investor should do their due diligence before investing

TECHNICAL LEVELS

Major Support:$1.5

Major Resistance:$2.5

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