Price Analysis

IOTA Price Analysis: IOTA Pushes Hard to Trade Above $0.29

eToro
  • IOTA traces a bearish trendline even after an upward correction 
  • The coin has heavily dropped below $0.29
  • The coin has seen support price at $0.2679, started to rebound

Bitcoin has recently rebounded from $9165.77 and currently trading above $9400, however, the coin still awaits a bullish price move as the coin is much below $10,000. IOTA has also resonated a similar price momentum to a certain extent.

Yesterday, the coin opened at $0.2878 and even surged to 0.2908. It corrected down to $0.2874 and stayed above $0.28 till 21:58 UTC yesterday. After breaking major support near $0.2760, IOTA had hit the bottom at $0.2679. Here it had found support to surge and it recovered above $0.28 with an increase of 7.63%.

eToro Crypto

Since then the coin has maintained its price range above $0.28 except for one price plunge near $0.2790. At 11:49:22 UTC, IOTA was trading at $0.2807.

IOTA/USD Price Chart

IOTA Price Chart
IOTA Price Chart

IOTA’s current price is even below its 5-day SMA of $0.2911, due to the recent price fall. The price is 25.32% lower than its 50-day SMA of $0.3759. It seems that the coin needs a strong price boost to stay above $0.30.

Technical Indicators:

MACD for IOTA coin lacks volatility in it at present but is in the bearish zone with its MACD line below the Signal line. RSI for the coin is near 50 showing no extremities. IOTA may see resistance at $0.2932 and $0.3023 and support level at $0.2734 and $0.2627.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

Related Articles

Back to top button