IOTA Price Analysis: IOTA Token is Trading Sideways, Despite Strong selling pressure

  • IOTA token is trading on bearish momentum while presently facing a sideways trend over the monthly time horizon
  • The digital asset is trading below all vital moving averages of 20, 50, 100, and 200-day, while the 20-day short term moving average is acting as near term hurdle 
  • The ratio of IOTA/BTC is trading under pressure with an intraday loss of -4.45% at 0.00002308 BTC; while the pair of IOTA/ETH is at 0.0004147 ETH with a loss of -2.90%

Due to a sharp selloff in the global crypto market, IOTA token is also undergoing selling pressure. The digital asset is trading below the all vital moving averages of 20, 50, 100, and 200-day moving averages. In contrast, the volume is also very low and needs to improve in the upcoming trading sessions. Moreover, IOTA is currently trading near its 90-day lows with no sign of a trend reversal pattern. Similarly, the closing of day candles above 20 and 200-DMA will encourage bulls’ confidence with good volume action. Support on the lower side is at $0.62 and $0.49; while, the resistance on the higher side is at $0.98 and $1.18.

Over the weekly time, horizon IOTA token is trading sideways after sharp correction from higher levels. While a sudden spike in volume is seen at the 4-hours time frame and the technical parameters are also trading flat. One can with clear momentum, and the caution with long is recommended at the time of press. Presently the digital asset is trading at $0.7623 with intraday gains of +0.15% and volume to market cap ratio at 0.01235. 

Relative Strength Index (NEUTRAL): IOTA Token RSI presently projects sideways or flat trends over the weekly chart. In contrast, the RSI is trading flat after a healthy correction from higher-level CMP at 42.    

Moving Average Convergence Divergence (NEUTRAL) currently indicates a neutral or flat trend on the daily chart. This is because the buyer’s signal line (green) and the seller’s line (red) overlap each other. 

Support levels: $0.62 and $0.49

Resistance levels: $0.98 and $1.18.