MIOTA Price Analysis: IOTA Coin Price Drops Below The $1.37 Support

  • The IOTA coin price trying to sustain above the 20-and-50day EMA
  • The IOTA/BTC pair trades at 0.00002238 BTC with a gain of 0.92%
  • The 24 -hour volume for IOTA coins is $69.6 Million

As mentioned in my previous article on MIOTA, on October 10th, the IOTA coin bounced from the $1.2 support, displaying a long lower price rejection candle. The coin price rallied to the $1.53 mark. However, it managed to pass above it and gave a bearish reversal, indicating a tweezer top candle.

Concerning the EMAs; The IOTA price is trading higher than the crucial EMAs of 20, 50, 100, and 200, indicating an uptrend in this coin. Moreover, the price is obtaining strong support from the 20 and 50.

The RSI value is at 53, indicating a bullish sentiment within the IOTA coin.

The IOTA Coin Cin the 4-hour time frame  chart.

After the IOTA coin was rejected from the $1.53 resistance, the coin price also breached the nearest support level of the $1.37 mark. However, the price is still trying to sustain below this level as the 20 and 50 EMAs are providing strong support. The current price of the IOTA coin is $1.38, with an intraday gain of 2.29%.

As per the Fibonacci pivot levels, the nearest resistance for the IOTA price is $1.53, followed by 1.64. And for the opposite side, the nearest support of $1.36, followed by $1.19.

The MACD indicator shows the MACD and signal lines are moving precisely at the neutral zone (0.00), indicating the neutral sentiment in the coin. However, the crypto traders would also acquire better confirmation when these lines decide to pick aside.

Conclusion: From a technical perspective, the IOTA coin remains under a short-term downtrend. And as mentioned above, the coin price is struggling to cross above the $1.53 resistance. 

However, even though the coin price has dropped below the $1.38 support, the technical chart indicates the price is obtaining significant demand pressure, displayed by several lower price rejection candles. Therefore, the crypto trade should follow strict risk management if they are preparing for a quick short trade in IOTA coin.

Support $1.2

Resistance $1.3