IOTA Price Analysis: IOTA Token Creates Bearish Pennant Pattern In Daily Timeframe, Struggles Below 200 EMA

  • IOTA Token price resonates between $0.92-$1.31 to create a Bearish Pennant Structure.
  • Presently, the coin price is trading below the 200 EMA and struggles to rise above it.
  • The IOTA/BTC pair trades at 0.00002919 BTC with an intraday gain of 1.13%

IOTA Token fell more than 60% in price before resonating between $0.9-$1.3, resulting in a bearish pennant pattern. The daily technical chart of the coin projects the possibility of a double bottom structure. The decreasing intraday volume also comes as an obstacle in the growth of the token price.

Presently, the coin price is trading at 1.04%, with an intraday volume of $64,923,586.28. The coin ranks at position 35 with a book to market cap ratio of 0.0224.

IOTA Token Sudden Fall In The Weekly Timeframe 

IOTA token price dipped 60% within two weeks and led to the formation of a terrifying bearish engulfing candle. The coin price faces a fall in intraday trading volume. The crypto asset has formed a bearish pennant pattern which could give either side breakout. The support level at $0.92 and $0.55 rests below the pennant. The resistance level of $1.31 might oppose the possible up move.

As per the daily timeframe, the coin price is trading below all critical EMAs. The possibility of a death cross increases as the EMAs slope down. EMAs project a downtrend with no signs of recovery for the bulls.

The RSI (bullish) implies an increasing bullishness while trading at 38 and is heading higher to the overbought zone.

The ADX projects the start of a strong trend momentum as it is trading at 31.

Conclusion – IOTA token price is resonating inside a bearish pennant pattern, a fallout of which might lead to another downfall. A short-term pullback as a retest of the fallout could be possible. With momentum ready to grow along with the bearishness showcased by RSI increases the chances of the fallout. However, early traders should enter only after retest confirmation.

Support– $0.92 and $0.55

Resistance– $1.31

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