The IOTA price has been declining since Aug. and is approaching a crucial support level, which is likely to initiate a bounce.
However, the IOTA/BTC pair has just reached a new all-time low and should continue falling.
Trading Range
The IOTA price is currently trading between $0.21 and $0.30, having been rejected by the latter on Oct 27. Since then, IOTA has been falling rapidly, reaching a low of $0.214. The resistance area is the 0.382 Fib level of the entire upward move beginning in March. The support area is the 0.618 Fib level.
Future Movement
On the shorter-term 6-hour chart, we can see that IOTA has been following a descending resistance line since Sept 27. It has been rejected numerous times. There is some bullish divergence developing in both the RSI and the MACD, a sign that the price could soon break out from the resistance line. Since there is no confirmation on the divergence, it would make sense for the price to drop again and validate the previous support area before eventually breaking out from the resistance line. As long as the price is trading below this line, the trend is bearish.
IOTA/BTC
The IOTA/BTC chart is considerably more bearish than its USD counterpart. The price has fallen below the 2150 satoshi support area and is now at an all-time low. Technical indicators do not yet suggest an impending reversal, but on the contrary, the Stochastic Oscillator has just formed a bearish cross. Therefore, the price should continue falling soon.
Conclusion
While the IOTA/USD price is approaching an important support area and could soon bounce, the IOTA/BTC pair has fallen into price discovery and does not show any reversal signs. For BeInCrypto’s previous Bitcoin analysis, click here! Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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