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IOTA price forecast: trend remains strongly bearish

 


The IOTA course has been forming higher lows and higher highs for weeks, which is a bullish sign. However, the IOTA price is now encountering resistance at the 50-day EMA at around USD 0.305 and should IOTA be rejected at this, IOTA will find significant Fibonacci supports at around USD 0.289 and around USD 0.265.


On the other hand, if IOTA bullishly breaks the 50-day EMA at around USD 0.305, the next significant Fibonacci resistance awaits at around USD 0.33.


The RSI is neutral while the MACD is bullish. Because the histogram is ticking bullishly higher and the MACD lines are crossed bullishly.


The weekly EMAs feature a death cross

A death cross was already established in the weekly chart in June, confirming the medium-term bearish trend. The MACD, on the other hand, is bullish because the MACD lines are bullishly crossed and the histogram is ticking bullishly higher.


Should IOTA overcome the golden ratio at around USD 0.33, the next significant Fibonacci resistances are waiting at around USD 0.51 and around USD 0.68.


The IOTA course has been in a downward trend for years

The IOTA course has been in a downward trend for years and the all-time high remains untouched. In addition, the IOTA price was rejected at the 0.382 Fib resistance in the last bull cycle, which is very bearish. In fact, the IOTA price has been in a parallel downward channel since 2018.


In addition, the monthly MACD is also clearly bearish, as the histogram is ticking bearish lower and the MACD lines are bearish crossed. The RSI is showing neutral, but gradually reaching oversold regions.


For a bullish trend change, IOTA would have to break the golden ratio at around USD 3.6. This would mean that the course would have to increase almost twelvefold.


Against BTC, the IOTA course was rejected at the Golden Ratio resistance

Against BTC, the histogram of the MACDs in the monthly chart has been ticking bearishly lower for several months and the MACD lines could also soon cross bearishly. Also, IOTA was bearishly rejected at the golden ratio resistance around 0.000016 BTC last month and is now finding support at the 0.382 Fib level at around 0.00001312 BTC.


If IOTA breaks this support bearishly, IOTA will find the next significant support at around 0.00001135 BTC. Otherwise, IOTA finds horizontal support between 0.000008 and 0.0000103 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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