A price chart could hardly look more bearish. How low will the IOTA price fall?
IOTA price faces rejection at 50-day EMA
The last IOTA price prediction dates back to two months ago. At that time, we wrote: “The weekly chart has kept the EMA death cross intact for a long time, confirming the medium-term downtrend. However, the MACD lines are crossed on the upside and last week the histogram has risen on the upside.
In fact, there is still a chance that IOTA will find the bottom of this bearish cycle between $0.24 and $0.26. In the long term, however, IOTA is still in a clear downward trend. In fact, IOTA is in a parallel downward channel. Still, the MACD histogram is up for the third month in a row.
So, despite the bearish outlook, IOTA may soon find a bottom to initiate a bullish reversal, if only in the short term.“
IOTA price hits new yearly low
IOTA price could not find a floor between $0.24 and $0.26, but reached a new yearly low at around $0.156. Despite this extremely bearish price action, the MACD histogram in the monthly chart is still on the rise.
IOTA is now facing strong support between $0.137 and $0.2. Should this support break, there would only be significant support again at the all-time low of around $0.0534. This implies a downside potential of around 68%.
In the weekly chart, the MACD is bearish
On the weekly chart, the EMA death cross remains intact, confirming the medium-term bearish trend. However, the MACD lines are still crossed on the upside. However, these may soon cross to the downside. After all, the MACD histogram has been falling for several weeks.
The RSI has reached oversold regions. However, it does not show a bullish divergence.
The death cross also remains intact in the daily chart
The death cross also remains intact on the daily chart, confirming the short to medium term bearish trend. In the daily chart, however, the MACD histogram is bullish and the MACD lines are also crossed bullish. IOTA is now facing the next significant Fib resistances around $0.18 and $0.195.
Additionally, the 50-day EMA at the $0.2 mark acts as additional resistance.
The trend also remains bearish on the 4H chart
The death cross also remains active in the 4H chart, which also confirms the short-term downtrend. Additionally, the MACD lines are also crossed on the downside here. The MACD histogram, on the other hand, is bullish and the RSI is neutral.
Against BTC, IOTA could return to 2021 low
Against BTC, the IOTA price was rejected lower at the Golden Ratio resistance at around 0.000016 BTC a few months ago. Subsequently, IOTA has now returned to the horizontal support between 0.000008 BTC and 0.0000103 BTC.
IOTA has been able to bounce there so far, but in the medium term, IOTA may return to the 2021 low at around 0.0000103 BTC. After all, the MACD Histogram has been declining bearishly for many months and the MACD lines are also on the verge of a bearish crossover.
Do you want to talk to like-minded people about analysis, news and developments? Then join our Telegram group here.
Disclaimer
All information contained on our website has been researched to the best of our knowledge and belief. Journalistic contributions are for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.