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The IOTA price dropped more than 4% in the last 24 hours to trade at $0.3307 at press time.
The IOTA Price Resting on Key Support
4-hour chart for IOTA/USDT (Source: TradingView)
The cryptocurrency market continues to offer interesting movements, and the IOTA price is no exception. Over the past 48 hours, the price of IOTA has experienced slight volatility on the 4-hour chart.
The 9 Exponential Moving Average (EMA) and the 20 EMA are crucial indicators for identifying the trend’s strength and direction. The 9 EMA values have slightly decreased from $0.3479 to $0.3447, while the 20 EMA has shown a more consistent decrease from $0.3485 to $0.3468. This convergence of the EMAs indicates a potential weakening in the upward momentum of the IOTA price.
Furthermore, the Moving Average Convergence Divergence (MACD) provides insight into the momentum and potential reversals. The MACD values have transitioned from a slight bullish bias with a MACD value above the signal line to a bearish indication with the latest MACD value below the signal. The histogram values have also shifted into more negative territory, reinforcing the bearish momentum.
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The Relative Strength Index (RSI), another vital indicator for gauging market sentiment, has shown a decline from 52.93, suggesting a moderate bullish sentiment, to 37.66, indicating bearish pressure and potential overselling conditions.
Key Levels to Watch
Given these indicators, the IOTA pair is facing resistance at $0.342 and $0.3456, with the immediate support levels at $0.3346 and further down at $0.3254. A break below the support level of $0.3254 could intensify selling pressure, targeting the next support levels at $0.3092 and $0.3084. Conversely, a move above the resistance at $0.3456 could indicate a potential recovery, with traders eyeing the resistance levels for possible exit points in bullish scenarios.
For potential entry and exit points, traders should consider long positions if IOTA shows signs of recovery above the $0.342 resistance level, with an initial target at $0.3456 and strict stop-loss orders below $0.3346. Conversely, short positions could be considered if the price breaks below the support at $0.3254, targeting $0.3092, while maintaining stop-loss orders above $0.3346 to manage risk.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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