IOTA is a type of cryptocurrency. However, it is not exactly a blockchain. It has a different proprietary technology knows as Tangle, which claims to have better transaction speeds than blockchain-based cryptos. It was released officially in 2016 by four co-founders. Let us look at the technical analysis of IOTA.
<h2><b>Past Performance</b></h2>
IOTA opened at $1.20 on October 5th, 2021. The week witnessed a sharp uptrend, and the price closed at $1.45 on 11 October 2021. Thus, there was an overall change of 20.9% <a href="https://www.cryptoknowmics.com/news/iota-technical-analysis-bullish-trendline-breakout-can-hit-2/">over the week</a>.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/p/PGLsrGP9.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/PGLsrGP9/">https://www.tradingview.com/x/PGLsrGP9/</a>
<h2><b>IOTA Technical Analysis
</b></h2>
The IOTA price chart took support at the $1.19 level and shot up straight to become an uptrend. Later, it faced resistance at $1.45. Today, it is showing a strong bearish signal.

The current trading price of IOTA is $1.35. This is about 6.9% down from yesterday, showing a strong bearish sign. The price is more likely to fall, so traders may consider taking a short position.

<strong>OBV</strong> is showing that the buying pressure was dominating for the last few days, but there is a sudden increase in the selling pressure. This is a bearish signal, and traders may consider taking a short position.

<strong>RSI</strong> is showing similar signs. Currently, RSI is at 51.48%, but this is a sudden change from yesterday. Traders may take a short position if the price continues to fall. However, the uptrend may continue, and thus traders may wait to see if the price starts to increase again.

<strong>MACD</strong> is showing no divergence from the price chart. The fast and slow lines are approaching each other and the gap between them is reducing. This is a bearish signal as the fast line is currently above the slow line. Thus, traders may take a short position.
<h2><b>Day-Ahead and Tomorrow</b></h2>
Fib numbers are showing that the trend took support at $1.27 to continue the uptrend. Further, it could not break the <strong>fib resistance</strong> at $1.55. Now it is again expected that the price will take support at $1.27 to bounce back.

Thus, all the indicators are showing bearish signals. The traders may consider taking a short position by placing a stop loss at $1.24 if the price continues to fall.

IOTA Technical Analysis: Resistance at $1.45, a Strong Bearish Signal

IOTA Fib numbers are showing that the trend took support at $1.27 to continue the uptrend. Further, it could not break the fib resistance at $1.55. Now it is again expected that the price will take support at $1.27 to bounce back.Thus, all the indicators are showing bearish signals. The traders may consider taking a short position by placing a stop loss at $1.247 if the price continues to fall.

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: Resistance at $1.45, a Strong Bearish Signal

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