IOTA price analysis: MIOTA/USD shows weakness near crucial resistance line

1 year ago 160

If bears propulsion MIOTA lower, the main enactment levels could beryllium astatine $0.50 and $0.40

IOTA’s terms is down by 2.4% successful the past 24 hours, with the past week’s losses present into treble digits astatine implicit 18%. While the downtrend has seen IOTA suffer implicit 35% since mid-June, its bearish outlook has mostly mirrored that of Bitcoin (BTC) and different large-cap cryptocurrencies.

At existent prices of $0.67, the altcoin is struggling for an upside aft an extended downturn from highs of $2.68 successful April.

In presumption of its marketplace cap, IOTA has rapidly shrunk to spot it driblet from among the apical 20 to 50th according to marketplace information tract CoinGecko.

MIOTA terms analysis

IOTA peaked astatine $2.68 connected 16 April but has been successful a downtrend since. The 4-hour illustration shows that MIOTA bounced disconnected lows of $0.61 connected 22 June, with the upside from the horizontal enactment pushing prices wrong an ascending transmission to highs of $0.93 connected 7 July.

However, IOTA’s terms again moved little amid wide bleeding successful the crypto market. The rot has kept the altcoin’s terms beneath a descending trendline, with bears succeeding successful breaching the horizontal enactment enactment astatine $0.68 to retest $0.64 connected 17 July.

IOTA/USD 4-hour chart. Source: TradingView

A descending triangle signifier has formed to suggest a downward continuation. The parabolic SAR besides suggests further struggles for the bulls with the dotted lines supra the existent terms level. The RSI sitting beneath the 50-point people besides lends credence to the anticipation of a renewed downtrend. This volition fortify if prices flip little towards the channel’s mediate line.

The MACD indicator likewise suggests weakness, though a bullish crossover precocious flashed connected the 4-hour chart, which means bulls are not retired of the crippled yet. The bargain awesome is fading, however, arsenic shown by the shrinking MACD histogram.

At the clip of writing, the IOTA terms faces a stubborn obstruction astatine the important absorption enactment astatine $0.70, from which a bearish trendline has precocious extended the downsloping action. As agelong arsenic bulls don’t transverse the line, bears volition clasp the precocious hand.

If caller losses occur, expect bears to oculus the $0.60 and $0.54 terms levels, with imaginable anchors successful lawsuit of different breakdown apt astatine $0.50 and past $0.40.

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