MIOTA token falls against both USD and Bitcoin as sellers increase downward pressure
The IOTA price has fluctuated significantly over the past 24 hours, trading between $0.97 and $1.13, according to cryptocurrency market aggregator CoinGecko. Ranked 48th by market capitalization, the coin is trading at around $1.02 at the time of writing, with a daily trading volume of over $90 million and a market cap near $2.8 billion.
CoinGecko data shows IOTA has lost 6.8% against the US dollar and 5.4% against Bitcoin on the 24-hour timeframe. Although bulls are attempting to hold the price above $1 following today’s decline, the current conditions make that a difficult task. Continued selling pressure could push the price lower, potentially revisiting the August 4 low of $0.82.
Below is how MIOTA/USD appears on the daily and 4-hour charts:
Technical analysis of IOTA price
4-hour MIOTA/USD chart. Source: TradingView
On the 4-hour chart, MIOTA/USD sits below the 50-period moving average but may attempt a bounce from a prior horizontal support line. The more likely scenario, however, is further downside: the RSI has dropped below 50 and a bearish MACD crossover points to seller dominance.
The daily chart shows IOTA still trading above the rising trendline that began after the July 20 low at $0.56. That uptrend helped bulls clear several resistance zones, the first being the 50-day moving average. Price also moved above the 100-day moving average before running into resistance near the 200-day moving average.
Daily MIOTA/USD chart. Source: TradingView
Pullbacks from the 200-day MA included a two-day dip below the 100-day MA, and bullish attempts to regain control were thwarted by broader market profit-taking. The analysis indicates renewed downward pressure could eventually push MIOTA/USD beneath the trendline support. A retest of the 50% Fibonacci retracement level at $1.24 is possible on the way down, which would imply a decline toward $0.90.
From that level bulls would likely regroup for another push higher. If they fail to defend support, the next demand zones to watch would be the 50-day MA around $0.85 and the 61.8% Fibonacci level at approximately $0.82.