IOTA Price Analysis – August 15
IOTA consolidates around $0.240, continues to remain bearish. IOTA price has recently traced a dip near $0.218 level.
Resistance levels: $0.300, $0.310, $0.320
Support levels: $0.180, $0.170, $0.160
IOTA opened yesterday with its price at $0.255 and it saw its initial price plunge at $0.253. Gradually, the coin dropped to its key support level of $0.250 and then again bounced back above $0.2550 but later closed at $0.231. Today, IOTA has even traded below $0.2310 and had bottomed to $0.2182 with a price decline of 3.13%. The coin has corrected up from there and is at $0.2364 at the time of writing.
Moreover, the bulls are trying to stop the downtrend movement as the price move towards $0.2450 resistance level. Further high may likely send the price to the strong resistance at $0.300, $0.310 and $0.320 respectively. Nevertheless, the closest support levels are $0.180, $0.170 and $0.160. The past three weeks decline has led the RSI into the oversold territory. The MACD for IOTA is exhibiting a downward trend.
Pairing with Bitcoin, the direction of the market is changing slowly as the coin tries to put a stop to the downward trend by making a correction upward. Although the price is struggling to decide which way for now; trading in sideways at a price level of 2345 SAT. A low swing could reach the potential demands at 1800 SAT and 1700 SAT, creating a new low for the month.
However, once MIOTA crosses above the 21-day MA and moves towards the supply level at 2700 SAT, additional supply could be created at 2800 SAT. Here, a rebound is likely to occur as the bearish side could strongly defend the level and push it down to 2000 SAT demand level. The trade volume is rising slowly while the RSI (14) is recovering from the oversold area.
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