Price Analysis

IOTA Price Analysis: Bears Dominate IOTA, Coin Needs to Buckle Up soon

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IOTA (MIOTA) was trading around $0.40 on 2-Jan-19, post which it continued to fall and fell as low as $0.24 on 6-Feb-19. It gained its momentum from the month of Feb and slowly started to rise upwards. Barring a couple of falls in the months of April and May, the coin saw two major sharp rises and price of the coin reached a high of $0.52 on 29-May-19. Having said that, MIOTA has not been able to maintain its performance at this level and from May,19 onwards the price of the coin has been plunging without any major rise in the price.

IOTA to USD Price Comparison:

IOTA Price Chart - 10 Aug

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Current Statistics of IOTA:

  • IOTA is ranked at 19th position in the crypto market
  • The current market value of the coin is 725,923,863 USD.
  • Price of the coin is $0.26 at 10:16 UTC time.
  • 24-hour volume numbers are $11,548,650.
  • 2,779,530,283 IOTA coins remain to be traded.
  • The coin offers an ROI of -59.15%.

IOTA Price Evaluation and Future Forecast:

If we compare the price of the coin since the time it saw the highest price mark which was $0.52 at the end of May,19 and the present trading price, IOTA indicates a bearish trend by 50%. We anticipate that the coin may continue to be traded somewhere in the range of $0.22 and $0.26 in the coming few days.

The coin has been an overbought a couple of times and at present, it seems to be on the trend of being oversold as per the RSI indicator.

Conclusion:

IOTA has got good potential and can reach greater price marks by the end of the year, hence trading on a short-term basis may not be that effective as compares to long-term.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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