IOTA Price Analysis: MIOTA Double Testing The Support Zone of $1.0

  • MIOTA price performed with negative momentum on Friday’s trading session
  • IOTA price is $1.10, which is negative by 7.50% in the last 24-hour time-frame and 26.75% down from the previous week
  • IOTA/BTC pair is positive with 1.41% in Friday’s trading session (0.00002369)
Source: TradingView

IOTA had bearish momentum on the weekly chart, and it went up to $1.58 on February 19, 2021, while breaking above the resistance zones created in the past. Whereas IOTA price set a mark of a 52-week high. Meanwhile, the trading volume of $147,706,529 in the last 24-hour time-frame represents a decrease in the value of 35.59%. The IOTA/ETH pair is neutral with a value of (0.00074550) which is 0.45% in Friday’s trading session. 

IOTA Technical Chart Indicates a Bearish Momentum

The technical chart of IOTA highlights a negative trend. In contrast, the IOTA price is $1.10. According to pivot points, the critical support level for IOTA is placed at $1.00. Whereas if it moves up, the key resistance level to watch is $1.32. While diving into the weekly chart of a 4-hour time-frame, it completes a bearish engulfing candlestick pattern.

Volume indicator with the value (2.59M) reflects a selling volume in coin. Investors can further expect a decrease in selling volume in the upcoming trading sessions.

SMA-200, price is at $0.85, which acts as another strong support in the coin. The price is above the SMA, and investors can expect a bullish trend in the coin.

MACD indicator (BEARISH), bearish crossover over signal line spotted on February 26, 2021, indicated a sell signal in the coin during the trading session. Also, it denotes the ending of green bars on Histogram.

RSI indicator (BEARISH) with a value of 42 indicates a sell signal in the coin. One can observe a decrease in value in upcoming trading sessions.

Conclusion

IOTA price is performing negative by 7.50% on Friday’s trading session. The price is above the SMA of $0.85. Investors can expect the movement of price towards the support levels of $1.0. All technical indicators recommend a red signal in the coin. 

Resistance: $1.32

Support: $1.00

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