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Vikram
Jun 16, 2022
by Vikram

IOTA Technical Analysis: Retest Rally Ready To Crack Under $0.22

IOTA Technical Analysis

Table of contents

  1. IOTA Technical Analysis
  2. Upcoming Trend
IOTA prices show an increase in trend-momentum of the post-retest reversal rally starting from $0.30. Will the reversal break below $0.22?

Key technical points:

  • The market price has increased 10.15% over the past 24 hours.

  • The price action shows a reversal from the $0.30 mark.

  • The 24-hour trading volume of IOTA is $27.50 Million, indicating a hike of 16.53%.

    • Past Performance of IOTA

    During last weekend's selling spree, IOTA prices broke under the consolidation range between the $0.30 and $0.37 marks. The selling spree starts after the evening star pattern at $0.37 to reach the $0.22 level before reversing to retest the bearish breakout.

    TradingView Chart

    Source- Tradingview

    IOTA Technical Analysis

    IOTA prices plunge after the successful retest of the $0.30 mark resulting in a 5% fall today. Hence, we can shortly see the prices surpass the $0.22 mark to test the upcoming support level at $0.15. The falling trend of the crucial daily EMAs – 50, 100, and 200-days showcase an increase in bearish spread. Moreover, the EMAs will provide dynamic resistance to any bullish reversals in near future.

    The daily-RSI slope displays a V-shaped reversal, but the bearish influence of the 14-day SMA undermines the reverse pushing it back to the 30% boundary. Furthermore, the MACD indicator shows the fast and slow lines are in the negative trend following the bearish crossover below the zero line. Hence, the indicators indicate an increase in selling pressure, increasing the possibility of the $0.22 fallout. In a nutshell, the IOTA technical analysis predicts a downtrend continuation with an increase in bearish momentum.

    Upcoming Trend

    IOTA prices might succumb under the increased selling pressure to crack under $0.22 to reach the next support level at $0.15.  However, the unlikely breakout of the $0.30 resistance will drive the market value higher to the $0.37 mark.

    Resistance Levels: $0.30 and $0.37

    Support Levels: $0.22 and $0.15

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    IOTA Technical Analysis: Retest Rally Ready To Crack Under $0.22
    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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