IOTA [MIOTA] mildly tumbles as bears step in market: Technical Analysis
With a decline in bullish trend, the major altcoins fell to trade in red and IOTA, the 12th most valuable coin in global ladder is no exception. Over the day, as the bears gradually tip-toe into the crypto space, it has not yet managed to incur significant loss for the coin, though, the cryptocurrency is following a bearish momentum. The fall of the market has dragged the digital assets to move in a downward trajectory. The performance of the coin in the last phase was ambiguous as IOTA [MIOTA] stumbled almost 19% in the last seven days and gained nearly 31% in the span of a month.
The MACD suggests that the digital asset is about to cross the bearish threshold to initiate trading with a bullish momentum. The 100 EMA line, at the moment, indicates the virtual currency is locked in downtrend. The key resistance level of MIOTA is traced at $0.03116 and the coin is at a considerable distance from breaching that level.
At present, the hourly RSI indicator is found at 49.8, which implies that the digital currency is encountering high pressure from the sellers in the market. The overall market value of the altcoin stands at $849.85 million, as per the data from CoinMarketCap. The digital currency has slid nearly 0.66% against the U.S. dollar and is currently trading at $0.3057.
The crypto, at press time, has edged down 0.07% against Bitcoin [BTC] with one MIOTA worth around 0.0000835 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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