• IOTA is one of the worst-perfroming coins, down 8% in the recent 24 hours.
  • The critical support is created by psychological $0.2000.

IOTA is the 23th largest digital asset with the current market value of $578 million and an average daily trading volume of $12 million. The coin has lost over 8% in the recent 24 hours and over 6% since the start of Monday to trade at $0.2077 at the time of writing. IOT/USD is moving within a short-term bearish trend in sync with the market.

IOT/USD: Technical picture

IOT/USD touched the intraday low at $0.2031 and rebounded above a cluster of daily SMA200 and SMA50 at $0.2050. Now this area serves as a local support for the price. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological barrier of $0.2000, which is followed by the lower line of the daily Bollinger Band at $0.1958.

The downward-looking RSI on the daily chart implies that the bearish pressure is here to stay with the ultimate downside goal at $0.1800 reinforced by daily SMA100 at $0.1780.

On the upside,  we will need to see sustainable move above $0.2200-$0.2220 the upside to gain traction. This area contains the daily opening and a lower boundary of the weekend channel. If it is passed, the upside momentum may gather pace and take the price towards psychological $0.2300 with the middle line of the daily Bollinger Band located right below this barrier. 

IOT/USD daily chart

The RSI on an intraday chart attempts a recovery out of the oversold territory; however, there are no clear signals of reversal as yet. The above-mentioned resistance area of $0.2000-$0.2200 is confirmed by 1-hour SMA50 and followed by SMA100 at $0.2260. The upper boundary of the short-term consolidation channel and the upper line of the 1-hour Bollinger Band adds strength to $0.2300.

IOT/USD 1-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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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