The past week was again really bad for IOTA. On a week-on-week basis, the value of IOTA fell 14.5% and 9.2% in the last 24-hours
Key Highlights
- IOTA continued its downfall and with two prominent downward trend line
- IOTA/USD is now at $0.41 after losing 9.2% in the last 24-hours
- Strong resistance was faced at $0.47 level
Considering the weekly chart, two significant downward trends can be seen. A strong resistance at $0.47 pushed the value downward multiple times. Though a buying surge breached the value, for instance, it could not hold it and fell instantly. We have seen support level around the zone of $0.42 and $0.41, but it finally could to hold the value and it dipped further down.
The single-day chart is dominated by the strong declining trend with hardly any sign of recovery. The value dropped from $0.456 to $0.418 in the last 24 hours. That is a 9.2% decline. The Alligator tool clearly shows the downward trend.
The MACD is signaling a crossover, but with the trend, it’s likely to go flat or with a small gain in the value. The RSI is now at 44% after touching the 30% line.
Against BTC, the value of IOTA dropped 12.5 percent in the past 24 hours. With the gradually gaining Bitcoin and Ether against USD and falling IOTA on the exchange, IOTA/BTC is likely to fall further.
Like most of the crypto coins, IOTA also endured a huge price surge in the mid-2017, but unlike the major coins, IOTA is falling since then. Not only it could not hold the strong value, but also showing a strong downward trend.
