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IOTA price chart shows the bears are resurfacing with the negative retracement in the dating channel. Will the downfall crack under the $0.30 support level? Key technical points:
- IOTA market value decreased by 1.18% in the last 24 hours.
- The falling channel warns of the fallout of $0.30.
- The 24-hour trading volume of IOTA is $24.27 Million, indicating a fall of 26.84%.
Past Performance of IOTA
The falling trend in the IOTA prices took the shape of a falling channel and funnels the bearish power in a concentrated manner, resulting in a downfall of 57% after the $0.70 breakout. The downtrend forms a lower high peak formation within the channel displaying weakness in the underlying bullishness leading to the $0.30 retest. 
Source-tradingview
IOTA Technical Analysis
The lack of trading volume to support the bearish retracement within the falling channel projects a lack of bearish commitment that may help the IOTA price sustain above $0.30. Therefore, sellers must wait for the price action confirmation to avoid a trap. The MACD indicator shows an uptrend in the fast and slow lines representing a bull cycle in action but the weakness in the MACD histograms warns of a crossover. However, the Stochastic RSI and the RSI indicators promote the bearish ideology and warn of the $0.330 fallout. This is due to the falling trend in the K and D lines and the bearish divergence in the RSI slope. Therefore, the indicators are doubtful about the IOTA market value sustaining above the $0.30 mark.
Upcoming Trend
Suppose the sellers increase the bearish pressure, we may shortly see an engulfing candlestick crossing under the $0.30 support level. This will drive the IOTA price lower to the next support level at $0.22. And, in the unlikely event of a bullish reversal, the upside rally could break the resistance trendline and reach the $0.37 mark. Resistance Levels: $0.37 and $0.47 Support Levels: $0.30 and $0.22