IOTA Price Analysis
IOTA has seen a sharp -10.30% price decline over the past 24 hours of trading, bringing the current trading price down to around $0.25589, at the time of writing. The cryptocurrency has now lost a total of -16% over the past 7 trading days with a further -28% price plummet over the past 30 trading days.
Where is IOTA ranked?
IOTA is now ranked in 14th position as it currently holds at $708 million market cap valuation. The Internet of Things based token now has lost a total of -43% over the past 90 trading days as the 19 month old project now trades at a value that is -95% lower than the all time high price.
Let us continue to take a look at the IOTA/USD market and highlight any potential areas of support and resistance moving forward.
IOTA/USD – MEDIUM TERM – DAILY CHART
What’s been going on?
Looking at the daily chart above we can see that, since our last IOTA/USD analysis, price action has proceeded to fall through our previously identified support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.2820.
The market has continued to fall further lower into our short term .786 Fibonacci Retracement level (drawn in green) priced at $0.2484. After reaching this level of support, we can see that the market has now rebounded slightly higher to trade at support at the short term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $0.2547.
What is the current trend?
After price action had crashed through the support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.2820, the current trend is now undoubtedly bearish.
For this market to be considered bullish, we would need to see price action break up above the $0.34 handle.
Where can we go from here?
If the bearish pressure continues and causes price action to penetrate below the support at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.2484, we can expect further immediate support beneath to be located at the short term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $0.2407.
If the bears then continue to push IOTA/USD below the $0.24 handle, we can expect further support below to be located at the short term .886 Fibonacci Retracement level (drawn in green) priced at $0.2283.
Further support below this can then be expected at the previous long term downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2137.
What if the bulls regain control?
Alternatively, if the bulls can hold the support at the $0.2484 handle and begin to push price action higher for IOTA/USD, we can expect immediate resistance above to be located at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.2820.
Further resistance above this level can then be expected at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.3056 and $0.3292, respectively.
Further resistance toward the upside can then be located at the bearish .5 and .618 Fibonacci Retracement levels (drawn in orange) priced at $0.3656 and $0.4031, respectively.
What are the technical indicators showing?
Currently, the RSI has now reached extremely oversold conditions. This indicates that the bears may need a ‘break’ before they can continue to push price action lower as they may be exhausted. In this case, the RSI will rebound causing price action to also bounce slightly.
However, if the RSI continues to head further lower we could see IOTA/USD heading below the $0.2484 support level.