IOTA Appears Intraday Bullish Yet Holds No Support
IOTA (MIOTA), at the time of penning down this analysis, was trading at $0.241 after breaking below $0.230 or 38.20% Fib Retracement level yesterday against the US Dollar. However, in the first week of the ongoing month, IOTA reclaimed 30-day high by rising above $0.25 and even above $0.265 price area. IOTA did not really show steep surges like other altcoins of the market viz., Chainlink, DigiByte, Verge, VeChain, etc.
IOTA is believed to be an investment of the long-term, and as per the current momentum, it holds no unpredictable, volatile move in the long-term. However, the short-term is moderately volatile due to the inherent property of any crypto.
IOTA Price Analysis
IOTA, in the first ten days of the ongoing month, was seen strengthening as it exhibited an uptrend. After reclaiming monthly heights, the IOTA price trend consolidated above 61.80% Fib Retracement level and $0.245 price zone.
With the recent correction, IOTA price pulled back below 38.20% Fib and seems to be marginally influential by Bitcoin. It was just yesterday when BTC price pulled back to test supports around $9k after the massive twitter hack in the name of Bitcoin scam giveaway.
However, IOTA after plummeting below 38.20% Fib Retracement Level is now trading above 50.0% Fib due to bullish intraday movement against the greenback. Moreover, the altcoin market has been stable today, until the press time and recorded no steep movements.
The 20-day Bollinger Bands laid do not project any unprecedented blow of volatility in the upcoming days. But, the recent dip in the price of IOTA/USD has led to losing support from 50-day and 200-day MA and 200-day EMA as well. Due to bullish price action in the trading hours on July 17, 2020, the MACD of IOTA holds a bullish divergence, and MACD line crosses above the signal line. The RSI of the coin has also risen above the support area and is now lying at 49.36.
However, if IOTA is marginally influenced by Bitcoin’s price movement, it is likely to experience a breakout soon. Bitcoin at present is holding chances of a near-term bearish breakout due to recent loss of momentum after a notable consolidating period. Therefore, the crucial support and resistance for IOTA to look out for lies at $0.23, $0.227, and $0.25, respectively.