IOTA price was oscillating between $0.25 to $0.26 in the later part of yesterday. Investors were hoping a bullish price push today, but the coin has nosedived instead.
- IOTA trades sluggishly has shown no move above $0.26 today
- Yesterday before closing, IOTA had traced a close above $0.26 but faced rejection above it
- The coin is below its 5-day SMA, carrying selling pressure
The IOTA price was above $0.26 and it remained above the mentioned price mark till 07:55 UTC. The coin then tumbled to $0.2586 hitting its lowest price point of yesterday. The coin then took a mild rebound as high as $0.2616 and then the price corrected back to its price range around $0.25.
Today morning the coin has sharply dropped further to $0.2565. Here, IOTA price has shown a decline of 4.63% from yesterday’s open price. At 06:59:59 UTC, the coin is trading at $0.2563 and over the last 24 hours, IOTA has decreased by 4.72%.
IOTA/USD Price Chart
IOTA’s current price is 30.39% lower than its 100-day SMA of $0.3682, which points out to the extreme bearish impact that the coin carries. IOTA price is trading with its price even below its 5-day SMA.
IOTA Price Prediction & Technical Indicators:
MACD chart for the IOTA price trend for a day is lowly volatile and is in the bearish zone. While RSI for the coin is heading towards 30 indicating an upcoming oversold momentum. IOTA coin may face resistance at $0.2666 and support st $0.2515.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.