IOTA price prediction is bullish for the long term till it holds on to the $0.1600 support. Presently, IOTA crypto seems to be stuck in a narrow range and buyers are trying their best to expand the range upward.
MIOTA price is struggling to hold the 50 day EMA showcasing that a short term trend is in the downward direction. The 200 day EMA is placed slightly higher which is likely to act as the next hurdle for bulls.
IOTA price recovered 30% (approx.) from the recent swing low and showed signs of bullish trend reversal. It broke out the downward sloping trend line but buyers failed to give the follow up momentum.
Mid June, IOTA Price witnessed sharp selling and dropped below the crucial support of $0.1700.
However, the prices did not collapse much and downfall halted near $0.1400. Slow and steady prices recovered but the 50 day EMA turned out to be a strong hurdle for bulls.
IOTA Price is trading at $0.1743 with an intraday decline of -2.02%. The 24 hour volume to market cap is 1.38%. The pair of IOTA/BTC is trading at 0.00000597 with an intraday decline of -2.13%.
Will IOTA Price Bounce Back From Support?
IOTA price prediction suggests a significant increase in the value is possible. The price seems to be in recovery mode and buyers are trying their best to rebound. Till MIOTA price holds $0.1400 support. The probability of a bounce-back remains high.
However, the crypto price will pick up momentum when buyers are able to break out of the $0.2000 hurdle level. On the other hand, if the price drops below $0.1400, the bears may try to pull it further down. It will trigger panic selling and more downside moves could appear.
MIOTA Price Stuck in a Narrow Range
MIOTA price is stuck in the narrow range of consolidation and no signs of sharp up-move or down move are visible. If the crypto leader BTC price recovers and regains the $30K mark then it might positively impact the IOTA crypto.
The MACD curve is sloping down and displayed a negative crossover indicating mild bearishness. The RSI at 40 also slopes down and denotes weakness in the crypto.
Conclusion
IOTA price prediction is bullish but price will gain momentum only after the breakout of the $0.2000 hurdle. MIOTA price is in recovery mode and showing signs of a bullish trend reversal. But the confirmation is still awaited.
Technical levels
- Resistance levels: $0.2000 and $0.2392
- Support levels: $0.1600 and $0.1400
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/25/iota-price-prediction-will-miota-reward-its-investors-in-2024/