IOTA Price Analysis – MIOTA/USD
The thirteenth largest cryptocurrency by market cap (source: CoinMarketCap at 08:16 UTC), IOTA having its market cap stands at the level of $624,553,531 on December 07 has dipped in current value by 66% relative to the level of October 08 which can be analyzed from the graph above.
Now, let’s look at the technical picture of the MIOTA/USD pair as follows:
As we can analyze from the graph above that both moving averages that best can be observed from the analytics above have slashed significantly which is a negative sign, and they represent the “downtrend” in value. With this, the falling 20-day EMA represent the fact that the bears have the upper hand. The MIOTA/USD remains in a bearish trend in its medium-term outlook as the competitive factors, as the strong bearish pressure has successfully dropped in current value by making it the lowest low of the day before exhaustion set in.
As we don’t see any bullish patterns which suggest a buy, hence, it is best to remain on the sidelines, and those involved in trading activities should wait for the trend to reverse and a bottom to form before initiating any long positions in it. However, those inclined to invest in the long-term perspective, the current fall offers an excellent opportunity to invest in the long term.
Amid the entire scenario, the MIOTA/USD pair remained range bound from August 16 to August 28 this year as the cryptocurrency rallied from a low of $0.4455 to a high of $0.795 which is a 78.45 percent return within 12 days. With this, the MIOTA stayed in the range of $0.43 – $0.51 for October 11 to November 14, since then the bears broke below it and slashed till date. However if bulls are attempting to bounce off the current resistance level and start trading above the EMA, the investors’ sentiment will likely to buy more of the currency. Based on the current trend, the next support level can be estimated at $0.22.