IOTA Price Analysis for 08/06

Price Predictions
Thu, 08/06/2020 - 14:19
Denys Serhiichuk
Can IOTA grow faster than most of the other altcoins?
IOTA Price Analysis for 08/06
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Most of the coins have entered the correction phase. However, there are some exceptions to the rule. Mainly, Bitcoin (BTC) and Chainlink (LINK) are the only two coins located in the green zone.

Top 10 coins by Coinstats
Top 10 coins by Coinstats

At the same time, market capitalization keeps rising even though most of the coins are in the red zone. The current index constitutes $351 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant IOTA data today:

  • Name: IOTA

  • Ticker: MIOTA

  • Market Cap: $881,126,408

  • Price: $0.317006

  • Volume (24h): $22,035,478

  • Change (24h): 2.70%

The data is relevant at press time.

IOTA/USD: Can growth reach $0.35 by mid-August?

IOTA is not an exception to the rule as it has also joined the altcoin season. The rate of the crypto has risen by almost 3% since yesterday, while the price over the last week has risen 6.36%.

Top 10 coins by Coinstats
IOTA/USD chart by TradingView

On the hourly time frame, IOTA has successfully bounced off the support of $0.30 and fixed above the $0.31 mark. The bullish trend remains the most relevant scenario. However, buyers need to gain more energy to keep the rise going. What's more, the trading volume is declining while the coin is trading at the same level. There is a high chance of seeing a drop to the nearest support of $0.3150 by the end of the week.

IOTA/USD chart by TradingView
IOTA/USD chart by TradingView

On the 4H chart, the situation is not so positive. IOTA has risen by 20% since the beginning of August; however, further growth is unlikely to continue so fast. The trading volume, as well as the liquidity, is at the lowest level, which means that bears are not going to give up soon.

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In this regard, sideways trading may happen soon as the altcoin is still located in the bullish zone but has no power to keep going up. This is why traders may find the rate of IOTA between $0.3150 and $0.32 within the next few days.

IOTA/USD chart by TradingView
IOTA/USD chart by TradingView

On the longer time frame, bearish sentiments have begun to appear. Liquidity is low as no active buyers are willing to buy IOTA for the current price. In addition, the RSI indicator has almost reached the overbought area, considering an ongoing price drop. If that happens, the closest support level is located at $0.2915.

IOTA is trading at $0.3173 at press time.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.