IOTA Is Trying The Best It Can, Still Lacks Support

The price of IOTA is trying the best that it can lately and has initiated a new rise lately, but all of this is nothing compared to the previous losses and the heavy resistance levels placed near the MIOTA/BTC pair.

The cryptocurrency news clearly show that MIOTA is witnessing a price fall as bulls run of steams after carrying the prices along with them. There is a major resistance of $0.200 that is not allowing bulls to trade near it and keep on pushing the prices downward.

The MIOTA price has a strong support of $0.140 which is holding the prices effectively as well as supporting them to increase gradually. Due to the downfall of prices, the support level collapsed and IOTA is trying to get past it again.

Currently, we can see a profit of 2% for the MIOTA price which is now at $0.1421 as most of the altcoins recoup from yesterday’s gains. The strong support at $0.14 is still visible and holding the prices effectively, supporting them to increase gradually. Due to the recent downfall of prices, this support level collapsed.

We can see that despite the positive signs, there is a long way to go so that the IOTA news show positive updates. Right now, the technical chart for the pair indicates that the prices are still in bearish momentum just like many other coins – and will fall down based on the market’s movements and specifically, Bitcoin’s next trajectory.

The MACD levels for IOTA are overtaken by the bears and without a change as there is an increase in the selling volume of this coin. The bearish movement is not a positive indicator, especially not now, when IOTA desperately needs to get above $0.15. Similarly, the 24 hour RSI and CCI are both in normal regions after suffering a major fall two days ago.

With Bitcoin (BTC), Bitcoin Cash (BCH and Ether (ETH) gaining 4% on the day, we can see a new positive increase on the markets. The biggest gainer in the top 10 today is Bitcoin SV (BSV) which managed to add 7% to its price and establish a new price point of $174. As a reference, Bitcoin’s value is still above $6k. At press time, the dominant cryptocurrency is trading at $6,268.