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- 1 As per Iota price prediction (BITFINEX: IOT), the coin price decreased by 1.56% over the last 24 hours.
- 2 At press time, the IOT coin is trading $0.1784 and the 52-week price range is $0.1370 – $0.2740.
IOTA coin uses a Tangle network for its cryptocurrency instead of a blockchain. It wants to make transactions fast, cheap, and scalable for the Internet of Things devices. There are no miners or fees and the supply of tokens is fixed at 2.78 Billion. As of December 2021, IOTA coin has a market cap of over $500 Million and is traded on various exchanges.
As per Coinglass, IOT has $7.46 Million Open Interest and recently showed a decline of -2.52% in the last 24 hours. The 24-hour long versus short ratio is 0.872. Moreover, the average volume of the IOT coin inclined by 24.24%, and the volume is at $8.55 Million.
This month, the coin performed slightly better, up by 0.88%. However, IOT price was down by 6.34% in the last six months which highlighted poor performance over a span of six months. Moreover, the IOT coin price one-year return is negative with a decrease of 38.32% and the 5-year performance is also negative with a 81.40% deterioration of the price.
IOT Price Technical Analysis in 1-D Timeframe
As per the IOT coin price action, the coin price was in a consolidation phase from mid-March to mid-April of 2023, fluctuating between $0.2051 and $0.2297. Then, on May 6th, 2023, it broke the $0.2051 support level and made a downtrend, reaching $0.1487 in a month, a 35% drop.
However, the price found new support at $0.1487 and bounced back 30% in a month, making an uptrend. Thereafter, the price failed to make a higher high and reversed from an upper trendline, falling 7% from $0.1915 to $0.1781 at the time of writing. The price is also below all major EMA’s, indicating more bearishness in the coming weeks.
At the time of publishing, the IOT coin price (BITFINEX: IOT) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average). The EMAs are acting as hurdles rejecting the price trend. Hence, the coin is expected to move downwards giving bearish signals over the daily time frame chart.
According to the Iota price prediction, the MACD line at 0.0014 and the signal line at 0.0015 are below the zero line and a bearish crossover is observed, suggesting a start of a bearish trend for the IOT coin. The current value of RSI is 48.52 points and the 14 SMA is above the median line at 54.42 points. It seems the IOT price took a rejection from the 14 SMA line. Therefore, Iota price prediction Indicates bearishness for the coin price.
Conclusion
The Iota price prediction highlights that the sentiments and perspectives of investors and traders regarding the IOT coin price are bearish in the 1-D time frame. The IOT price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of the IOT price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, flaunt negative signals about the IOT coin price.
Technical Levels:
- The nearest support levels: $0.159 and $0.149.
- The nearest resistance levels: $0.228 and $0.238.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.