IOTA price analysis: IOT/USD 3.5% loss could revisit $0.28 support


  • IOTA fails to sustain gains above $0.31 leaving a wide gap to be explored by the bears.
  • Technically, IOTA has a bearish bias in the short-term but the buyers have enough power to defend $0.28 support.

IOTA is having a negative start on Friday following the unsuccessful attempt to sustain growth above $0.31 hurdle. The hourly chart shows that the bearish action that followed the weekly high at $0.3128 found balanced at $0.28 aided by the 50 simple moving average (SMA). A shallow recovery ensued but no significant headway was made past $0.30. The bearish leg on Friday started at $0.29822 and touched a low of $0.28673 before adjusting to the current value of $0.2892.

The Bollinger Bands show that there still exist opportunities to enter new trade positions especially with the volatility sustained at high levels. The price is digging deep into the Bollinger Band one-hour middle curve. The downside is also protected by the strong 50 SMA support. The former support at $0.28 is still important and could cushion the drop in the case of a reversal.

The moving average convergence divergence (MACD) clearly shows the sellers having the upper hand but also long as it stays in the positive, it shows buyers have the strength to defend support areas.

IOT/USD one-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin (BTC) in tactical retreat before another attempt to break above SMA200 daily

Bitcoin (BTC) bulls engineers a nice recovery off the recent lows; however, SMA200 (Simple Moving Average) on a daily chart remains unconquered so far. The price of the first digital currency made a weak attempt to move above this hurdle, but it seems to be a hard nut to crack for the bulls at this stage.

More Bitcoin News

Litecoin (LTC) price analysis: LTC/USD slides back inside an old range

Litecoin is changing hands at $56.63, down 2% since the beginning of the day and 1.5% on a day-on-day basis. The 6th largest digital asset with the current market value of $3.3 billion peaked at $60.12 on October 9 and has been moving down ever since. 

More Litecoin News

TRON price analysis: TRX/USD moves within a long-term bearish trend

At the time of writing, TRX/USD is changing hands at $0.0160. The coin has gained over 15% in seven 24 days, however, the upside momentum started fading away after the price had hit $0.0175 high. 

More Tron News

Ripple price analysis: XRP/USD races downwards fast

Many analysts believe that the recent breakout across the cryptocurrency market was more or less a bull trap. Their notion is currently being proved right as Ripple price forced its way against key support areas including $0.2750 and the 61.8% Fib retracement level.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP