- IOTA price prediction shares an overview of the bearish nature of the market since February 2023.
- IOTA token fetched a gain of 27% in the last one month.
- The IOTA crypto price tested the resistance of $0.2.
IOTA’s (IOTA) price prediction indicates that the bears have dominated the price since February 2023. The IOTA token price witnessed a surge of 72% from its swing low at $0.156, where the price peaked at the resistance of $0.275. The bullish momentum started to fade and the bears took control, dragging the IOTA crypto price down by 50% before recovering to its current market price.
At the time of writing, the current market price of IOTA coin is $0.1922. The 24-hour trading volume surged 5.05%. The market is down by 0.73% in the last 24 hours. The overall market cap of IOTA tokens is $534,166,467.
Can IOTA Break the Descending Channel?
IOTA’s (IOTA) price prediction gives a closer look at the recent bullish recovery from its support of $0.1357. The bulls managed to jump the IOTA coin by 41%, which annihilated short sellers in the market. The market has developed a descending channel pattern during its downtrend. The IOTA crypto price went below the channel, a bear trap as the bull immediately pushed the price up.
The recent bounce broke the resistance of $0.1777 and tested the resistance of $0.2. The IOTA token price has made its way to the upper trendline of the descending channel, which will play the role of resistance. Although the recent trend has been bullish, the price is still below the 200 EMA. The overall trend will remain bearish until it breaks the descending channel.
Will IOTA Maintain Its Recovery?
A thorough analysis of the 4-hour chart gives a closer look at the recent pump. It highlights the bullish market structure, where the price prints a series of higher highs and higher lows. The IOTA coin price has flipped the 9, 15, and 200 EMAs to the upside, hinting at bullish sentiments in the short term. Also, the Bulls are trying for a strong breakout, which can happen at any moment.
The IOTA token price has local support at $0.1777 and an ascending trendline. Since the overall trend remains bearish, investors should stay cautious, as the price may decline if it drops below the trendline. Since the market is highly volatile, investors with a lower risk appetite should stay away or expose a very small chunk of their portfolio.
RSI: The RSI indicator is currently at 60.43. It means that the market is slightly overbought. This indicates the bullish strength of the market and the prices may move up until the RSI goes below 50.
MACD: MACD has made a bullish crossover and floats above the 0 line. This indicates that the buyers are more dominant and the price may continue to rise up until the MACD makes a bearish crossover
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
IOTA’s (IOTA) price prediction indicates that the bears have dominated the price since February 2023. Recent times have been bullish as the market demonstrated a significant recovery. But the overall trend remains bearish until the breakout of the descending channel. This phase of high volatility can be best dealt with with a proper risk management strategy. Investors can wait for a volume-supported breakout followed by a successful retest in order to obtain an ideal position.
Technical Levels
- The nearest support level: $0.1777
- The nearest resistance level: $0.2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
