IOTA price prediction favors the bulls and suggests a rise in the long term till it sustains above $0.1600 support. IOTA price witnessed profit booking from the supply zone and returned back to the lower range of consolidation. However, the price is stuck into the wide range and likely to break either side soon.
IOTA price trading below the 200 day EMA and dropped below the 50 day EMA showcase downtrend. However, till price is holding the $0.1600 support the down side seems to be limited.
IOTA price is trading at $0.1949 with an intraday decline of -1.17%. The 24 hour volume to market cap ratio is at 0.0099. The pair of IOTA/BTC is trading at 0.00000679 with an intraday rise of 0.74%. The chart structure of IOTA with the BTC pair is in a strong downtrend and sellers are more active as compared to USDT pair.
At the mid of March, the correction in IOTA crypto took halt near $0.1800 and formed a bullish hammer candle candle. Later, prices bounced back with a strong momentum and recovered 32% approx from the lows. Buyers tried to regain the 50 day EMA but it faced resistance and got stuck into the narrow range consolidation. Sadly, prices failed to give the follow up momentum and again reversed in a downward direction.
Will IOTA price defend the $0.1600 support?
IOTA price has not performed well in the past few months which is quite disappointing for the long term investors. If the consolidation continues in the coming month then it can be interpreted as a long term base formation.
IOTA price will pick up momentum when buyers succeed to break the $0.2402 hurdle. Till then prices are expected to consolidate for some more time. On the other hand, if the price dropped below $0.1600 support then it may raise concern for the investors. Bears will also try to drag the prices down to hit the fresh yearly low. The technical analysis suggests, IOTA price seems to be bottom out and possibility of rebound is high.
IOTA price eroded previous gains
IOTA price formed a Doji candle on a weekly time frame indicating prices lacked direction. The recent correction has eroded the gains of the past five weeks and formed a bearish pattern.
The technical indicators like MACD had generated a negative crossover but the curve is reversing upward. It indicates bears are lacking the downside momentum. The RSI at 36 sloping down denotes weakness and prices may test the oversold territory in the coming week.
Conclusion
IOTA price prediction suggests a rise in the long term till it holds the support mentioned below. IOTA price is consolidating into the wide range and likely to break either side soon. The technical analysis suggests, IOTA price has bottomed out and the probability of rebound is high.
Technical levels
Resistance levels : $0.2402 and $0.2749
Support levels : $0.1800 and $0.1562
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/05/01/iota-price-prediction-will-iota-price-test-yearly-low-or-rebound/