IOTA Price Analysis: MIOTA Token Recovers Sharply Upto 135%

  • IOTA token price action is gradually trying to recover despite the huge sell-off that happened yesterday
  • The 24-hour volume in IOTA is also recovering around 124% at $444,202,433
  • The IOTA/BTC pair was trading at 0.00003340 BTC with a decline of 20.25%
Source: IOTA/USDT on TradingView

The 4-hour technical chart of the IOTA token price movement exhibits minor signs of recovery after touching the lower price of $0.55 yesterday. According to pivot levels, the IOTA significant support level is $0.90. Whereas if it goes up, the primary resistance level to watch is $1.55. The weekly chart of a 4-hour time frame shows a bearish engulfing candlestick pattern with a large wick describing bears in control of the coin.

RSI indicator (BEARISH) – Showcases a strong momentum with a value of 37.50 ranging in the bearish territory. Investors may observe an inclining slope from 30 to 38 in the index. It may remain in a negative direction for the upcoming trading sessions.

The Moving Average Exponential (EMA) consists of 20-EMA and 50-EMA, acts as unbroken support in the asset price movement. Investors may witness the yellow line is trying to break down the red line and the price way below the EMA lines, so until the price rests below the EMA it will assure IOTA’s bearish trend.

The volume of (8.52M) is upward of the Volume MA (5.82M) of 20-days. High buying pressure is directed in IOTA to drive its price to excessive levels.

The Parabolic SAR Denotes a sell signal from May 13th until now no indications of a positive trend have started. Buy signal also cannot be noticed in the chart which is a bad sign for investors of IOTA.

IOTA Token Goes With Overall Market Sentiments

IOTA token price traded at $1.27 with 21.45% in the last 24-hour and 30.88% loss in the weekly time frame. Moreover, the IOTA price framed a lower low at $0.55 and showcased a sharp recovery up to $1.28 on an intraday session. In contrast, the market capitalization stands at $3.69 billion. Technically, investors can perceive the price is below the EMA. RSI index showcases an inclining slant from 30 to 37. Additionally, the price movement can be towards the support of $0.90 in future trading sessions.

Resistance: $1.55

Support: $0.90

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