- IOTA token trading below all the significant EMA- 20,50,200
- The pair of IOTA/BTC is trading at 0.00002325BTC with a drop of 18.28%
- MACD showing bearish momentum and no sign of reversal yet
In the daily time frame, the IOTA token is continuing its fall and has breached new support level,
On Thursday, the price tried to retrace back and move above the 200EMA but bears rushed in and made the price close below the 200EMA as the day end, this also created a long wick on the upside which indicted how strong bears are, resulting to see more fall today of 30.84% till now.
There is also a death crossover of 20-50EMA.OITA token is currently trading below all the significant EMA-20, 50, 200, which is a very strong bearish signal.
MACD showing strong red bars in the histogram, also no sign of reversal movement from MACD and signal line, indicating bearish moment is still strong.
IOTA Token Showing an Ongoing Downtrend
In the 4-hr time frame chart, the IOTA token moving in a small downtrend, if the price starts to rise from any point, this downtrend trendline will be valid resistance to look after, breaking of this trendline would be an early indication of downtrend coming to end.
Also, the formation of 20EMA below 50EMA and 200EMA moving below 50, is one of the key features of a strong downtrend, all these EMA’s will provide significant resistance as the price moves upward.
Fundamental analysis of IOTA token
IOTA is a distributed public ledger, that was developed to power machine to machine payment in the internet of things economy, rather than blockchain, its proprietary technology is known as Tangle, a system of nodes that confirm transactions.
As there is no blockchain, there is no miner and no fee to be paid to them, IOTA aims to provide limitless throughput at minimal expense.
IOTA’s goal is to become a unique platform for executing transactions between IoT devices. As in the upcoming future, the number of such devices will only increase, this business has huge potential.
Conclusion– Based on the technical view the price has shown enough bearish signal for the price to move lower, the price is currently trading at $0.8919, traders can sell this with 20-25% of their capital, and for a safer entry, they can wait for the $0.8 level to break and sell there for a target till 0.473.
Support- $0.8, 0.473
Resistance- $1.2 , $1.47-1.53