IOTA Price Analysis

  • Support moving forward – $0.2820, $0.2484, $0.2283, $0.2137, $0.2057.
  • Resistance moving forward – $0.3056, $0.3292, $0.3656, $0.4031, $0.4656, $0.4882, $0.4924, $0.5336.

IOTA has seen a small price decline totalling -3.54% over the past 24 hours of trading, bringing the current trading price down to around $0.2945, at the time of writing. The cryptocurrency has now seen a -2.15% price drop over the past 7 trading days with a further -22.14% price fall over the past 30 trading days.

Where is IOTA currently ranked?

IOTA is ranked in 13th position as it currently holds a $816 million market cap valuation. The cryptocurrency has seen a -39.97% over the past 90 trading days. The 19 month old project now trades at a value that is 94% lower than the all time high price.

IOTA/USD Price Analysis

 

IOTA/USD – MEDIUM TERM – DAILY CHART

IOTA Technical Analysis
https://www.tradingview.com/x/ceoFiAB8/

What’s been going on?

Analysing price action from the daily chart above, we can see that IOTA/USD has dropped significantly from its high in November 2018 above $0.50 to a low of $0.20 during December 2018.

The market decline had met support at a long term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2137. After reaching this level of support in mid-December 2018, the market then went on to rally.

The market continued to rise in 2019, until meeting resistance at a bearish .618 Fibonacci Retracement level (drawn in orange) priced at $0.4031. Price action was unable to overcome this level of resistance and proceeded to fall.

Where are we now?

Price action continued to fall until meeting support at a short term .618 Fibonacci Retracement level (drawn in green) priced at $0.2820. Since reaching this level of support, price action has traded sideways within its current range.

What is the current IOTA trend?

AS price action is now trading within a range between the $0.3292 handle and the $0.2820 level, the market is currently in a NEUTRAL trend.

If price action breaks above the range we can consider the market bullish. If price action breaks below the range we can consider the market bearish.

Where can we go from here?

If the bears continue to push IOTA/USD further lower, we can expect immediate support toward the downside to be located at the lower boundary of the trading range at the short term .618 FIbonacci Retracement level (drawn in green) priced at $0.2820.

If the sellers push price action below the current trading range, we can expect further support below to be located at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.2484 and $0.2283, respectively.

Further support below this level can then be expected at the long term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2137.

What if the bulls regain control?

If the bulls regain control and begin to push price action higher, we can expect immediate resistance above to be located at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.3056 and $0.3292, respectively.

If the buyers can then push price action above the upper boundary of the trading range at the $0.3292 handle, we can expect further higher resistance to be located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in orange) pried at $0.3656 and $0.4031, respectively.

Further resistance above this can then be located at the bearish .786 Fibonacci Retracement level (drawn in orange) priced at $0.4565, closely followed by the bearish .886 Fibonacci Retracement level (drawn in orange) priced at $0.4882.

What are the technical indicators showing?

The RSI is currently trading below the 50 handle which indicates att the bears are in control of the current market momentum. If we would like to see IOTA/USD travel higher, we would need to see the RSI break above the 50 handle.

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