We use cookies to offer a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking accept, you consent to our privacy policy & use of cookies. (Privacy Policy)

Will IOTA Price Recover From This Slump?

Abdullah Sarwar Lead Market Analyst

Altcoins are facing headwinds due to the recent surge in Bitcoin dominance (BTC.D). Despite a recovery in altcoin since the start of September, IOTA price is still experiencing strong selling pressure. The leading cryptocurrency is currently 97.8% down from its 2017 all-time high.

Crypto markets are experiencing a bearish sentiment on Wednesday. Bitcoin price slid below $27,000 once again. This triggered a sell-off in IOTA as well, which plummeted 0.74% today. Most other altcoins also showed a negative price action as the altcoin market cap fell by 0.5%.

Falling Wedge Spotted On Daily Chart

As visible in the following chart, IOTA price is forming a falling wedge pattern. A breakout from these patterns usually results in a significant upside, but there are no signs of any breakout yet. The most critical level is the 0.238 resistance level, which is also a previous support level.

Another confirmation of the bearish outlook is that the price is trading 20% below the 200-day moving average. This is a very significant indicator which shows the strength of an asset’s price. As long as the coin trades below $0.238, I don’t have any bullish expectations from IOTA.

IOTA Price Analysis

IOTA technical analysis
IOTA Daily Chart

IOTA Latest News

IOTA hype has faded since its peak in 2017. During this time, a lot of new players have emerged in the market. The DAG-based project’s developers have now come up with a new plan to put it on the map once again.

According to the latest IOTA news, the team will build a new blockchain to support decentralized applications. A new ecosystem fund will also be allocated to accelerate the adoption. These developments may make IOTA price prediction bullish once again.

However, it is too soon to predict a bullish reversal any time soon, as there is still a chance for the price to retest its all-time low around $0.05.