IOTA has seen a small price rebound totalling 1% over the past 24 hours of trading bringing the current trading price up to around $0.2804, at the time of writing. The cryptocurrency has now seen a 30 day price increase totalling 10%.
Where Is IOTA Ranked?
IOTA is ranked in 14th position as it currently holds a $772 million market cap valuation. The 21 month old project is now trading at a price that is 94% lower than the all time high price.
Let us take a look at IOTA/USD over the short term and highlight some potential areas of support and resistance.
IOTA Price Analysis
IOTA/USD – DAILY CHART – SHORT TERM
What has happened since our last analysis?
Since our last IOTA analysis, we can see that the market had continued to trade between the range of $0.2820 and $0.3056 for the following few days. However, over yesterday’s trading session, we can see that the market had broken below this trading range into support at the $0.27 level.
The market has since rebounded and is now trading at the $0.2804 level.
Where Is The Market Likely To Head Next?
If the bulls can break above the resistance at $0.2820 we can expect immediate higher resistance to be located at the short term .5 and .382 Fibonacci Retracement level (Drawn in green) priced at $0.3056 and $0.3292, respectively.
If teh buyers can continue to break above the $0.33 level, further higher resistance is expected at the bearish .5 and .618 Fibonacci Retracement levels (drawn in red) priced at $0.3656 and $0.4031, respectively. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.
What if the sellers step back in?
Alternatively, if the sellers regroup and begin to push the market lower we can expect immediate support below to be located at the $0.27 level. Further support beneath $0.27 can then be expected at the $0.26 level followed with more support at the short term .786 and .886 Fibonacci Retracement levels (drawn in green) priced at $0.2484 and $0.2283, respectively.
What are the technical indicators showing?
The RSI has recently slipped beneath the 50 level which indicates that the sellers are currently in control of the momentum within the market. If we would like to see IOTA/USD climb higher we would need to see the RSI head back above the 50 level.