IOTA (MIOTA) token skyrocketed 30% over the course of the last nine days. But, as of writing, the price is retracing. Is another rally incoming?
While the IOTA token showed an impressive price rally, it is battling strong resistance. Will the token continue to rise?
IOTA (MIOTA) Price Faced Rejection From Fibonacci Level
On Tuesday, MIOTA tested the 0.5 level of the Fibonacci retracement drawn from the local top at $0.2740. The token reached a price point of $0.2266 but has been down by over 12% since then.
Along with the resistance at the 0.5 Fibonacci level, the 200-day Exponential Moving Average (EMA) lies at $0.2295.
Lastly, there is a golden ratio resistance, the 0.618 Fibonacci level, at $0.2349. The token needs a decisive daily close above these resistances if IOTA is to rally again.
Although the MIOTA token price has retraced quite a bit, it is now hovering around the support zone of the Fibonacci level of 0.236 at $0.1958.
Along with that, it has the support of both 10-day EMA and 50-day EMA at $0.1966.
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After consolidating around these support zones, the token could make another attempt to break the resistance area.
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