Price Analysis

IOTA (MIOTA) Price Analysis: High Volatility Is Sweeping IOTA In The Bearish Direction

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IOTA is although trying hard to be in the upward trend; it seems that in the upcoming days, it may not have that enough support resistance to hold it upward. The shift in its prices is moderate but is definitely going to impact the investors who have already invested on it with the thought of getting higher returns. So far, its social metrics are concerned; it scored an average “C” mark, which indicates caution to this crypto. It implies that it may not function so good as expected in its future. Although many developments are going on in IOTA’s network, the intense volatility that is prevailing in the crypto market and that will prevail till the end of this year (as opined by majority crypto analysts), will surely impact IOTA’s value.

Current status of IOTA:

  • Market value in USD: 0.40625775 USD (UTC time 06:43)
  • Market value in BTC: 0.00004642 BTC
  • Market rank: 15
  • Circulating supply: 2,779,530,283 MIOTA
  • Market cap: 1,122,922,820 USD

Price analysis and future price predictions:

IOTA Chart

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We have considered the 5D chart for doing this price analysis. From the chart, it is seen that on 23rd and 24th May, the price ranges of IOTA has been in complete bearish line. It reached as low as 0.36636746 USD on 23rd May. It again picked up its momentum to a height of 0.40102621 USD and substantially reached to 0.41729460 USD yesterday but cannot retain that longer. It continued plunging deep and today by reaching a value of 0.40498721 USD; it is still dipping down towards its bearish trend line. There is no efficient support resistance noticeable as of now.

From the trend line, it is evident that in the upcoming days, the value of IOTA is likely to be on the bearish trend only. Just within 5 days, the value of IOTA has deterred by 9.53% Considering these facts, we assume that in the upcoming days, the value of IOTA is likely to be around 0.4152 USD.

Conclusion:

IOTA is highly impacted with the turbulent and erratic nature of BTC and intense, volatile market. The price ranges of IOTA are way too sluggish, and it seems that the trend will follow the bearish line in the upcoming days. No matter how efficient the developers of this crypto are but, it cannot regain its value until the volatility subsides. Therefore, it is not a very good option to invest on the same for long term basis.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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