IOTA, the 13th largest cryptocurrency by market capitalization, stands at $605,675,001, at the time of writing. The value has seen a sharp dip since November 6th with a total fall of 60% in the mentioned period. The decline in cost can be attributed to different factors such as the bearish trend, competitive factors, and macro factors in the crypto trade market.
Looking at the current trends, the moving average for IOTA has significantly declined. If the Bulls do not help it climb upwards, chances are it would perish and exhaust to null. Since the market is experiencing one of the worst downfalls since its inception and Bulls continuously losing the battle to bear, there are no signs of any buying trends shortly. So, the investors are advised to take the sideline and follow the age-old pattern of ‘wait and watch.’
The traders must show patience and wait for the market to recover a bit so that a base can be formed for any upward movement. The slump in 20-day EMA suggests that the sellers have the upper hand. However, the bearish trend of the market is also the best time for the new entrants who believe in the blockchain and cryptocurrency folk fair.
A Walk Through the Market Position of IOTA Before Bears Took Charge
The MIOTA maintained a range bound from Aug 16 to Aug 28 in 2018 and rallied between the low of 0.43 to a high of $0.809. The growth measured at 88% gains within 12 days, a considerable achievement regarding the crypto trade market.
The cryptocurrency held its position between $0.47-$0.53 between October 11 to November 14. November 15 turned out to be a very significant date in the crypto realm, not only for the infamous hard fork of the BCH network but also it started a chain of Bear attack which brought most of the significant cryptocurrencies to an all-time low or wiped out many small and new entrants completely. The same holds for IOTA, as it never saw any upward movement since November 15.
If the Bulls finally take some charge and initiate an upward movement, IOTA can cross its current resistance level of $0.2184. This would encourage the investors to start buying the currency more and hopefully rescue it from the claws of an inevitable defeat. Looking at the current trends in the trade market, the support level stands at $0.22.
The bloodbath of the crypto trade market does not seem to see the light of day, as the market trends suggest new lows and slight upward movements. Whether IOTA sustains the bear attack or perishes, only time would tell. However, this is the perfect time for the new entrants to make a dive in the crypto realm when the prices are low.
It might help everyone’s cause, as the new buying spree would encourage bulls to take charge and finally make a recovery.
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