IOTA Price Analysis – September 6
The price fall was disappointing which also led to a plunge in the Market Cap value of IOTA. Looking at yesterday’s chart, the coin was seen touching a high at $0.25 and a low at $0.23.
Resistance levels: $0.260, $0.270, $0.280
Support levels: $0.210, $0.200, $0.190
IOTA price drop has been quite disappointing. The coin was expected to move up in the recent upsurge, but it couldn’t catch up. Today, the market is experiencing a pullback. Almost all the coins have started to decline. IOTA has kept the downtrend intact and touching new low. Meanwhile, the coin is expected to give the best result to the long term traders.
However, the daily price is trending below the 21-day moving average and the bulls will have to move above the mentioned moving average to reach the resistance levels at $0.260, $0.270 and $0.280. Meanwhile, the support levels to watch are $0.210, $0.200 and $0.180 respectively. The Stochastic RSI is currently seen moving into the oversold zone, a sign for a potential rise in the nearest term.
Pairing with Bitcoin, the direction of the market is synonymous with the market of the BTC as IOTA followed a break-down that was shown in the descending channel. Although the price is still moving down; trading at a price level of 2219 SAT. A low swing could reach the 1800 SAT support level and below, creating a new low for today.
Once MIOTA crosses down the support at 1700 SAT, additional support will be created at 1600 SAT. Here, a rebound is likely to occur as the bullish sides may likely defend the level and push it to 2600 SAT resistance level and above. Be that as it may, the bears are gaining ground while they are declining; now slowly in action. The Stochastic RSI is in the oversold area, indicating a potential rise in the market.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.