menuIcon
$ 87,804.6
BTC
$ 87,804.6
0.81 %
$ 2,064.44
ETH
$ 2,064.44
0.23 %
$ 0.7679
ADA
$ 0.7679
2.46 %
$ 630.10
BNB
$ 630.10
-0.13 %
$ 144.96
SOL
$ 144.96
1.99 %
Vikram
May 28, 2022
by Vikram

IOTA Technical Analysis: Will Sellers Break Another Crucial Support Level?

IOTA
IOTA price chart shows the bears are resurfacing with the negative retracement in the dating channel. Will the downfall crack under the $0.30 support level?

Key technical points:

  • IOTA market value decreased by 1.18% in the last 24 hours.

  • The falling channel warns of the fallout of $0.30.

  • The 24-hour trading volume of IOTA is $24.27 Million, indicating a fall of 26.84%.

    • Past Performance of IOTA

    The falling trend in the IOTA prices took the shape of a falling channel and funnels the bearish power in a concentrated manner, resulting in a downfall of 57% after the $0.70 breakout. The downtrend forms a lower high peak formation within the channel displaying weakness in the underlying bullishness leading to the $0.30 retest.

    TradingView Chart

    IOTA Technical Analysis 

    The lack of trading volume to support the bearish retracement within the falling channel projects a lack of bearish commitment that may help the IOTA price sustain above $0.30. Therefore, sellers must wait for the price action confirmation to avoid a trap.

    The MACD indicator shows an uptrend in the fast and slow lines representing a bull cycle in action but the weakness in the MACD histograms warns of a crossover. However, the Stochastic RSI and the RSI indicators promote the bearish ideology and warn of the $0.330 fallout. This is due to the falling trend in the K and D lines and the bearish divergence in the RSI slope.

    Therefore, the indicators are doubtful about the IOTA market value sustaining above the $0.30 mark.

    Upcoming Trend

    Suppose the sellers increase the bearish pressure, we may shortly see an engulfing candlestick crossing under the $0.30 support level. This will drive the IOTA price lower to the next support level at $0.22. And, in the unlikely event of a bullish reversal, the upside rally could break the resistance trendline and reach the $0.37 mark.

    Resistance Levels: $0.37 and $0.47

    Support Levels: $0.30 and $0.22

    Follow us on: News
    IOTA MIOTA
    IOTA Technical Analysis: Will Sellers Break Another Crucial Support Level?
    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.

    Top Picks