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Vikram
Apr 18, 2022
by Vikram

IOTA Technical Analysis: Falling Trend Approaches $0.50 Mark 

IOTA
IOTA coin price shows a bearish continuation within the falling channel teasing a potential fall to the psychological barrier at $0.50.

Key technical points:

  • The MACD and signal lines continue a downtrend below the zero line. 

  • The IOTA coin price has descended by 25% within two weeks.

  • Finally, the 24-hour trading volume of IOTA is $33.64 Million, marking an 85% rise.

    • Past Performance of IOTA

    The downfall in the IOTA coin price accounts for a decline of 30% last fortnight within the falling channel. The downfall cracks under the $0.70 mark as the selling pressure increases. Hence, the sudden increase in volume supporting the downfall reflects a surge in underlying bearishness.

    TradingView Chart

    IOTA Technical Analysis 

    As the selling activity increases, IOTA coin price action showcases a bearish cycle within the falling parallel channel. Therefore, the downtrend hints at the support trendline fallout.

    A cluster of EMAs (20, 50, and 100) maintains a bearish formation in the daily chart, with a significant spread among the falling EMAs. 

    RSI Indicator: The RSI slope projects downward in the nearly oversold zone after the halfway mark fallout. Moreover, the 14-days SMA keeps the bullish reversal in check and might shortly push the RSI values under the oversold zone.

    MACD Indicator: The MACD and signal lines show a downtrend in bearish alignment, crossing into the negative territory. Hence, the indicator reflects a surge in underlying bearishness.

    In a nutshell, the IOTA technical analysis highlights the high possibility of a downtrend continuing below the support trendline. 

    Upcoming Trend 

    The IOTA/USD pair shows a remarkable rise in selling pressure as the bear cycle within the falling channel gains momentum. Hence, the downfall will reach the $0.55 mark. Therefore, traders can find a selling spot at the current market price, expecting a fallout trend touching the $0.55 mark.

    Support Levels: $0.55 and $0.45

    Resistance Levels: $0.70 and $0.81

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    IOTA Technical Analysis: Falling Trend Approaches $0.50 Mark 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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