- 1
IOTA was currently at $0.1885, which decreased by 8.36% during the intraday trading session. - 2
The 24-hour low of MIOTA was $0.1872 and the 24-hour high of MIOTA was $0.2086. - 3
The current IOTA token price is below 20, 50, 100, and 200-Day EMA.
The pair of IOTA/BTC was trading at 0.000009476 BTC with a rise of 0.19% over the intraday trading session.
IOTA price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was declining below its 20-Day EMA which can be seen over the daily trading chart. This indicates that the sellers have been dominating the market since the start of 2022. After March 2022 the token again began rising with the support of buyers which indicates that the buyers became active in the market during that time of the year. But after making its new 52-week high in April 2022 sellers became hyper-active in the market which caused a steep decline in the value of the token as can be seen over the daily trading chart. After that, the token tried to keep trading above its primary resistance of $0.2533 with the support of buyers.
Near the end of the year, sellers completely took over the market from buyers pushing the token below its primary support of $0.198 and forcing it to make its new 52-week low. After the start of 2023 the token again started moving upwards with the support of buyers breaking its primary support and resistance on its way up. But after reaching its secondary resistance sellers pushed back the token below its primary resistance resulting in the current downtrend.
The volume of the coin has increased by 33.34% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is no relationship between volume and the price of MIOTA, which represents a weakness in the current bearish phase and a possible reversal.
IOTA Price Technical analysis
RSI is entering the extreme oversold zone and is shown a negative crossover which indicates that the sellers are coming in the majority and pushing MIOTA downwards. This suggests the strength of the current bearish trend. The current value of RSI is 27.78 which is below the average RSI value of 42.36.
The MACD and the signal line are decreasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
IOTA price analysis suggests that it is currently in a downtrend. After the start of 2022, the token was declining below its 20-Day EMA. Near the end of the year, the token made its new 52-week low. After the start of 2023, the token again started moving upwards with the support of buyers breaking its primary support and resistance on its way up. The increase in volume shows the positive market sentiment towards the token. RSI is entering the extreme oversold zone and is showing a negative crossover and MACD is also decreasing over the daily chart which shows strength in the current bearish trend, as per the technical indicators.
Technical Levels-
Resistance level- $0.2533 and $0.2738
Support level- $0.198 and $0.155
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/10/iota-price-prediction-bears-are-dominating-the-market/