- Iota coin downtrend reaches near its crucial demand or support zone, whereas recovery could be sharp.
- The coin is presently trading below its all vital moving averages of 20, 50, 100 and 200-DMA lines, while 20 and 50-DMA is acting as a substantial hurdle
- The pair of IOTA /BTC is trading positively with gains of -2.58% at 0.00002138 BTC, and the ratio of IOTA /ETH is dealing with slight selling pressure at0.0003521 ETH with a 24-hour change of -4.62%.
The Iota coin’s price is now trading near its strong support zone, and we can soon see a sharp bounce back if the coin manages to sustain above the support zone. Moreover, the volume is lower, which falls below the average line and needs to improve in upcoming trading sessions. Similarly, the coin is trading below all vital moving averages of 20, 50, 100 and 200-day, while closing above 20-day will push more buyers.
However, if the coin fails to hold its support zone, we can see more downside in upcoming trading sessions. Support on the lower side is at $0.6425 and $0.6210, whereas resistance on the higher side is $0.9550 and $1.45.
Iota coin is making double bottom patterns favouring the technical parameters
Over the weekly chart, iota coin is making double bottom patterns favouring the technical parameters. However, the volume near its support zone increased rapidly and jumped above its average line. Soon we can see a good buying interest if the coin holds its support zone, and a bullish momentum can extend to $0.7600 and $0.8800. Currently, the coin is trading at $0.6741 with an intraday loss of -2.82%, and the volume to market cap ratio is at 0.01473.
Relative Strength Index (bullish): iota coin price RSI presently indicates a slightly bullish or positive trend over the weekly chart. In contrast, the RSI is heading towards the overbought zone CMP levels at 45.25.
Moving Average Convergence Divergence (bullish) indicates a slightly positive or bullish trend on the daily chart. This is because of the buyer’s signal line (green) over the seller’s line (red).
Support levels: $0.6425 and $0.6210
Resistance levels: $0.9550 and $1.45.