IOTA token price trades close to the resistance trend line. However, the fall in underlying bearishness projects a bullish breakout.

IOTA is an open-source distributed ledger that aims to provide a quick and low-cost way of facilitating transactions between devices on the Internet of Things (IoT). The technology behind IOTA differs from blockchain-based cryptos, such as Bitcoin and Ethereum, meaning that miners aren’t required to power the network. 

Instead, if you wanted to make a transaction using IOTA, you’d have to verify two previous transactions within the network, which can be done using IOTA’s native token, MIOTA.

Let us now look at the detailed analysis of MIOTA cryptocurrency.
<h2>Past Performance of IOTA</h2>
IOTA coin price is under a short-term downtrend in the daily chart. However, the coin price has increased more than 20% in the past two weeks. Nonetheless, it seems like another retracement before the price falls again. 

<img class="tv-snapshot-image aligncenter" src="https://s3.tradingview.com/snapshots/6/63AfVyWc.png" alt="TradingView Chart" width="1258" height="650" />

Source - <a href="https://www.tradingview.com/x/63AfVyWc/">Tradingview</a>
<h2>IOTA Technical Analysis</h2>
IOTA coin price is currently at $1.29 as of the writing of this article. Moreover, it has seen a fall of -0.45% within 24 hours. Thus, indicating a fall in underlying bullishness. However, the fall in intraday trading volume by 50% indicates a fall in the number of sellers. 

The crypto asset trades near the resistance trend line of the short-term downtrend. This can shortly result in a downfall. However, the possibility of a bullish breakout is plausible. As the weakness in bearishness is evident by the fall in the intraday trading volume.

The IOTA cryptocurrency may find support at the $0.95 or $0.50 mark per the price action. And in the event of a bullish breakout, the resistance near $2 and $2.5 can push the price below.

MACD and signal lines on the daily chart head closer to the zero level in a bullish alignment due to the recent bullish crossover. Moreover, the increasing intensity of the bullish histogram indicates a buy signal. 

The slope of the RSI indicator is slightly below the daily charts' central line. Furthermore, the slope is moving sideways. Thus, the RSI indicator signals a neutral sign. 
<h2>Upcoming Trend</h2>
As per the MIOTA technical analysis, the short-term scenario looks bearish as the IOTA price trades close to the resistance trend line. However, the price action generates a bullish breakout possibility. This is supported by the fall in intraday trading volume. Hence, investors shall wait till the price action decides a trend.

IOTA Technical Analysis: Bullish Trendline Breakout Can Hit $2 

IOTA token price trades close to the resistance trendline. However, the fall in underlying bearishness projects a bullish breakout.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

IOTA Technical Analysis: Bullish Trendline Breakout Can Hit $2

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