The biggest difference between IOTA and a blockchain is that it is not a virtual ledger. Tangle, a system of nodes that confirm transactions, is its proprietary technology. According to the foundation behind this <a href="https://www.cryptoknowmics.com/news/the-iota-foundation-to-develop-reusable-kyc-poc-on-selv/">platform</a>, it offers faster performance than traditional blockchains - and a platform that is ideal for the ever-expanding Internet of Things ecosystem. Let us look at the technical analysis of IOTA.
<h2><b>Past Performance</b></h2>
The <a href="https://www.cryptoknowmics.com/news/iota-technical-analysis-trend-reversal-happening-ready-for-bulls/">current price</a> is $0.95, which is down by 8.24% in the last 24 hours. Market cap and volume traded are also down, up 8.15% and 33.93% in the last 24 hours respectively. The price has broken its floor price at $0.96. A sentiment of a downtrend for MIOTA is witnessed.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/l/LioycvtZ.png" alt="TradingView Chart" />

&nbsp;

<a href="https://www.tradingview.com/x/LioycvtZ/">https://www.tradingview.com/x/LioycvtZ/</a>
<h2><b>MIOTA Technical Analysis</b></h2>
Currently, the <strong>RSI</strong> is at 45.86%. Since July this year, RSI has stayed in the bearish trend, for a brief amount of time, the RSI took a slight jump but was soon pulled back. Therefore, on a daily level, the selling pressures are very high for MIOTA. Thus, we can expect the price to fall for a while.

<strong>MACD and  EMA</strong> are above the zero range suggesting a buy. However, there is a bearish crossover where the selling pressures are much higher than the buying pressures.

On the daily chart, the <strong>OBV</strong> is continuously trending as a straight line.
<h2><b>Day-Ahead and Tomorrow</b></h2>
The price has failed to break its recent highs at $1.24, $1.08, and $0.99 respectively. On the chart, we can see that the price is depreciating and has failed to break down its recent support levels. The next support level is formed at $0.91, the traders shall wait till this price level to see if the price will try to find support at this level.

However, given the magnitude of selling pressures, the market is pessimistic for MIOTA and a further breakdown is expected till its next support level. Moreover, the chart is forming a double top pattern. Which is a bullish trend reversal pattern. Thus, after the breakdown from the crucial support level of $0.95, we can expect the price to fall freely.

&nbsp;

IOTA Technical Analysis: Price has Failed to Break its Recent Highs at $1.24, $1.08 and $0.99 respectively

As per the technical analysis, the market is pessimistic for MIOTA and a further breakdown is expected till its next support level. Moreover, the chart is forming a double top pattern.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

IOTA Technical Analysis: Price has Failed to Break its Recent Highs at $1.24, $1.08 and $0.99 respectively

Top Picks