IOTA Price Analysis – MIOTA/USD

The 13th largest cryptocurrency – Iota with its market cap stands at the level of $605,675,001, 04:58 UTC on December 14 has extended a dip in Current value by 60% relative to the level of November 06 as analyzed from the graph above. The major caused for the decline in value are due to competitive pressure, the bearish moments, and macro factors from around the world which make it the lowest low of the day before exhaustion set in.

Since both moving averages have significantly declined which represent a negative sign since the bears have the upper hands as the Miota remains in a bearish trend in its medium-term outlook until the next “uptrend” takes place. Based on the current trend and scenario in the crypto market, since no bullish patterns that suggest a buy, so for all those involved in trading activities are advised to apply the ‘wait and watch’ approach and to remain on the sidelines for some time. With this, traders should wait for the trend to rebound and a bottom to form before executing any long positions in it. Needless to say that since the 20-day EMA is sloping down representing the fact that the balance is rested in favor of sellers. Amid this, those who believe in the story of blockchain and cryptocurrencies, the current fall offers an excellent opportunity to invest for the long term!

Now let me walk you through certain milestone that this cryptocurrency attained in the recent past. The MIOTA remained range bound from August 16 to August 28 this year, as the cryptocurrency rallied from a low of $0.43 to a high of $0.809 which is an 88 percent – an extraordinary return within 12 days.

Besides this, the MIOTA stayed in the range of $0.47-$53 from October 11 to November 14 as we can quickly analyze from the graph above, and since then the bears broke that level and slashed like “a stone” till date.

If bulls succeed in rising and sustaining above the current resistance level $0.2184 and create “uptrend” in value (i.e. traded above the EMA) the investors will start buying this currency more and more thereby increasing its value. However, based on the current trend, the next support level could be $0.22.

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