IOTA [MIOTA] falls below key support level as bears return: Technical Analysis
The first day of the week opened in dismal with the major altcoins posting losses and IOTA [MIOTA] dropped to trade in red. The intense pressure from the sellers’ end pushed the 12th most valuable virtual currency in terms of market cap to move in a downward trajectory. Despite the year starting on a positive note with the coins adding on to their market valuation, the fad, however, reduced as the days passed. In the previous phase when the cryptocurrency market was attempting brief recovery, IOTA has plunged almost 22% in the last seven days and added nearly 35%in just a month.
The MACD indicates that the digital currency is following a bearish momentum and the 100 EMA line shows that the coin is exhibiting a downtrend. The virtual asset at press time, is trading quite below its key support level, which can be traced at $0.3085. Currently, the hourly RSI indicator was found at 43.8, which implies that the digital asset is experiencing heightened seller pressure in the market. Going by the CoinMarketCap data, the market cap of the crypto stands at $818 million. The coin slipped almost 6.54% against the U.S. dollar to be currently valued at $0.2943.
At press time, the altcoin has dropped nearly 4.44% against Bitcoin [BTC] and one MIOTA is worth around 0.00008213 BTC.
IOTA [MIOTA] Latest Updates
- IOTA Foundation has begun the year on significant note by tying up with Crypto Storage AG for storage solution and revamping IOTA Qubic team. In the former venture, the partnership offers first institutional grade based IOTA token storage solution across the globe for ensuring greater security for users and partners of IOTA ‘‘through separate infrastructures and definable approval processes.” Also, the newly developed crypto storage solution seeks to cater to the demands of the financial intermediaries. With this fresh association, all the public, private, institutional investors and the beneficiaries are now free to access the IOTA tokens with utmost security.
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