•IOTA/USD is currently priced at $0.26 and has decreased by 6.09% over the past day
•The trading volumes have decreased by 50.68% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: IOTA Coin falls further following 6% slump
The IOTA price today is $0.261436 USD with a 24-hour trading volume of $13,669,211 USD. IOTA is down 6.09% in the last 24 hours. The trading volumes have decreased over the past day amid increased selling pressure whereas the Volume to Market Cap Ratio stands at 0.01881 for the altcoin.
IOTA Coin was predominantly in the red today, as it extended a recent losing streak that has sent prices down to multi-week lows.This latest drop seems to have taken prices below the support level of $0.30 which will act as a resistance in the near term. The asset may have a hard time violating this level, and therefore, the closing of candles above this level can trigger a bullish reversal. The bears will be aiming to plunge IOTA prices further around the support level placed at $0.22 as the altcoin struggles to attract buyers at the current price levels. The bearish sentiment is captured by IOTA Coin transacting below the 20,50 SMA on the four hour chart.
Long Term View for IOTA Price
The technical indicators for IOTA Coin are bearish for the near term as the MACD indicator shows the MACD and signal line transacting in the negative zone. The decreasing size of the green histograms further accentuates the pain of the bulls. In addition to this, today’s drop of more than 6% has also led to a decline in relative strength, and the 14-day RSI has slumped below the 14-day average line and is currently transacting at 41.12.
Conclusion
While the IOTA price declined on Tuesday, volume too followed suit which could indicate the presence of intense selling pressure. Hence, the downtrend is not about to end anytime soon.
Support: $0.22
Resistance: $0.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/07/17/iota-price-analysis-iota-price-action-leads-to-the-asset-trending-deep-in-the-red/