IOTA Technical Analysis: MIOTA in consolidation mode
The bear rally that struck the crypto market ahead of the Bitcoin Cash hard fork seems to be taking the spoils of the battle. Most coins have touched yearly lows and are struggling to gain an uptrend in the market. The collective market cap has fallen by $94 billion, roughly a 44% decline. IOTA [MIOTA] is now at the 14th rank in the market as Tron [TRX] has replaced Cardano [ADA] and Monero [XMR] to break into the top ten cryptocurrencies. IOTA is trapped in a consolidation mode. A slight bullish pressure it experienced during the day failed to overtake the seller pressure.
The onset of a minor bullish pressure caused IOTA prices to breach the resistance level found at $0258. Current resistance level for the coin is noted at $0.262. A matching buyer and seller pressure have forced the coin into consolidation. The next resistance level for the virtual asset is found at $0.284.
The RSI level for the coin indicates that there is an increased selling of the crypto in the market. The MACD shows a strong bearish momentum for the digital asset. The 100 EMA line trading at $ 0.27 and is signifying a downtrend. At the time of writing, the crypto asset is exchanging hands at $0.258 and is losing against USD by 2.49%.
The crypto asset is falling against Bitcoin [BTC] by 1.36%. At press time, one MIOTA is equal to 0.00006882 BTC.
MIOTA Latest Updates
- IOTA foundation has announced a partnership with RIDDLE and CODE. The collaboration focusses on creating a secure bridge between sensor and IOTA blockchain. The partnership will employ IOTA tangle to facilitate autonomous machine to machine transactions.
- IOTA foundation has joined hands with eCl@ss, a product classification company. The partnership seeks to standardize and simplify communications and transactions done over devices connected to the Internet of Things [IoT].
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