IOTA price prediction is mildly bearish for January 2024 and suggests 10% to 15% more decline is possible. The price faced rejection from $0.3292 and reverted in a downward direction.
Sellers are getting active and trying to erode the gains of December 2023. If they succeed, it will raise concerns for the long-term investors.
IOTA price is down by 17% in the current week and hit a low at $0.2249. However, the 50-day EMA acted as immediate support and the price showed a minor bounce.
The short-term bounce looks temporary and buyers are struggling to keep the price above the EMA. If the downward momentum continues and IOTA slips below the 200-day EMA, the confirmation of the bearish trend reversal will be visible.
The downfall in this crypto looks genuine and a short-term top has been created. So, investors should avoid fresh buying at current levels until reliable signs of bounce are visible. The pair of IOTA/USDT is trading at $0.2551 with a one-day decline of -3.22%.
Will IOTA Price Show a Recovery by Jan 2024 End?
IOTA price prediction favors the bears and suggests more decline is possible. This crypto is in the bear’s grip, so they might drag the price further down and retest the $0.2059 breakout level.
As long as the coin price is below the $0.3052 hurdle, any short-term bounce may face difficulty in holding the higher levels. However, if the situation improves and buyers manage to push the price above $0.3052, new participants may enter and push the price to new swing highs.
Will IOTA Crypto Price Hold the Support?
IOTA crypto price is near crucial support placed at the $0.2400 level. Buyers are trying to defend it and show a bounce. However, sellers look more aggressive and the probability of support breakdown is high.
The chart pattern is also bearish and no clear signs of recovery are visible. Therefore, bears may look to build fresh shorts to generate minor gains in the upcoming downfall.
Conclusion
IOTA price prediction is mildly bearish in the short run. The presence of bears is clearly visible in the chart so more decline may come. The analysis suggests that the IOTA crypto is in the initial phase of correction. So, it’s better to avoid building fresh longs.
Technical levels
- Resistance levels: $0.3052 and $0.3730
- Support levels: $0.2059 and $0.1700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/01/05/iota-price-analysis-iota-crypto-made-short-term-top-what-next/