IOTA has been experiencing several months of decline; however, recent daily chart data suggest a potential shift in momentum. In this article, we will examine key levels and gain insights into IOTA's future.
Overview of Current IOTA Prices
The current price of IOTA is around $0.1603, slightly above a local support level. Over the past few months, IOTA has been in a steady downtrend, dropping from a high of $0.23 in May to recent lows below $0.15. However, current candles are starting to form a base, and we are witnessing a tightening range, hinting at a possible breakout.
Technical Indicators Analysis
The relative strength index (RSI) is currently about 45.96, with the moving average at 41.47. The RSI is showing an upward trend, indicating a weakening bearish momentum. Traditionally, when IOTA's RSI climbs from below 40 to cross 50, a short-term rally of 15-25% has followed.
Key Support and Resistance Levels
Immediate support is at $0.15, a level IOTA tested multiple times in June. The first resistance is located at $0.1610, where the price currently stands. Breaking above this level will open the path to test $0.18 and $0.20. Based on the Fibonacci retracement, if IOTA can reclaim $0.18, the next targets are indicated around $0.19-$0.20.
The current structure of IOTA shows potential upside opportunities, but market clarity will be crucial for determination of future price direction. Monitoring levels $0.15 and $0.1610 will be key to outlining the next moves.
