- The IOTA (Miota) coin reached its 52-week low of $0.2354 in the intraday trading session.
- The RSI indicator is showing solid weakness in the IOTA coin in the form of a highly oversold phase on the daily price chart.
- The IOTA coin with the bitcoin pair is trading at 0.000009889 satoshis, down 15.03%.
IOTA Coin is looking weak as its price action continues with a downside in the context of the daily price chart. Meanwhile, IOTA’s price action suggests a low-low and low-high formation, where short sellers are selling in each bounce; Therefore, the coin follows Ceslin on a growth trajectory.
In the month of May, after sliding down to the accumulation zone (green zone), IOTA coin has lost over 46% of its price in just 12 days, which was the last chance to hedge against a bounce back.
During the downtrend, the IOTA (Miota) coin hit its 52-week low of $0.2354 in the intraday trading session. Thus, at the time of writing, according to CMC, the IOTA token is trading at $0.2838, which is 22.5% lower than the market cap of $788 million over the past 24 hours. Furthermore, the IOTA coin with the bitcoin pair is trading down 15.03% at 0.000009889 satoshis.
IOTA Coin’s intraday low (at $0.235) became the most recent support area for investors. However, volatility gradually increases; Therefore, the trading volume increased by 6.8% in the previous night to reach above $125 million.
RSI reached in extreme oversold territory
The daily price is looking below the key exponential moving average of the daily RSI indicator within the presence of an oversold area. Besides, the ADX indicator is present at 62 mark, which indicates strength in bearish trend.
conclusion
IOTA investors are barely trying to manage the price above the weekly low in the intraday trading session. Beneath this support, buyers may see more bloodshed ahead.
Support level- $0.235 and $0.20
Resistance level- $0.6 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
