MIOTA (IOTA) is a distributed ledger on the proprietary technology which is known as Tangle. No fee has to be paid to the miners because it is not built on blockchain and does not require mining. To become a big business, MIOTA aims to gather 20.2 billion users by 2024. Let us look at the technical analysis for IOTA.
On 5th July 2021′ IOTA started trading at $0.844 and on 11th July 2021′ it closed at $0.84. Thus, in the past week, not much change has been measured in the IOTA price range. In the last 24 hours, IOTA has traded between $0.789-$0.848.
Day-Ahead and Tomorrow
At the time of press, IOTA is trading at $0.826. The price has increased by approximately 3.5%, from the day’s opening price. Thus, the market looks bullish for the day. However, we can get the trend reversal confirmation once the price breaks out of the current narrow range. A breakout on the upside will test the resistance at the $0.933 level.
On the daily chart, MACD and signal lines are in the negative zone. However, close to the zero range, indicating that the trend reversal is near. Plus, a bullish crossover by the signal line over the MACD line has occurred. Thus, we can expect a surge in price for a while now.
The RSI indicator is currently at 43.58%. It has fallen from the resistance mark of 48.05%. Thus, indicating a strong selling pressure on the daily level. Hence, we can expect the price to start falling again and take support of the trend line. The support for RSI is at a 39.57% mark. Any breakout from these two levels will confirm the long-term trend for IOTA.
IOTA Technical Analysis
IOTA is trading above the Fibonacci pivot point of $0.779. As some of the oscillators have shown bullish signals, we can expect the price to increase and test the Fibonacci pivot resistance level of $0.878 soon. If the price breaks this FIB resistance level, it will highlight the next resistance at $0.93. Which is also a breakout level of the narrow range.
However, on the downside scenario, the price is currently trading below the FIB retracement level of $0.829. If the price falls below the FIB extension level of $0.801 in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. And, the price will highlight the support level at $0.780. Traders can take a short position here.