IOTA (MIOTA) Fails to Hold Its Weekly Gains, As It Tests a New Support Level

Yesterday, IOTA lost about 19 percent of its value against the US dollar. The digital currency established a new monthly high of $1.25 last month. But due to the bearish pressure in the crypto market, the digital currency failed to hold its gains and declined to the $0.8 mark. The level proved to be a very good support area and influenced the digital currency to attempt a successful recovery. Nevertheless, the bears still set in and cause the value of the coin to decline further.

IOTA (MIOTA) Price Today – MIOTA / USD

Name Price24H (%)
Bitcoin (BTC)
$6,530.43
0.89%
IOTA (MIOTA)
$0.499210
-0.35%

At the time of writing, the digital currency is trading at 64 cents after losing more than eight percent of its value over the past twenty-four hours. The current market cap of the digital currency is $1.78 billion and its trading volume over the past twenty-four hours is $67.92 million.

IOTA (MIOTA) Technical Analysis

On the 3rd of August, the digital currency declined below its major support level as a result of poor fundamentals. Reports have it that the value of the coin declined as a result of manipulation on BitFinex – a digital currency trading platform.

Later on, one of the earliest IOTA adopters and blockchain smartphone creator – Sirin Labs, ended their deal with the firm. By then, the value of the coin had already tested the 70 cents mark.

After the massive declines, the new major support of the digital currency is close to the 50 cents. This support level was instrumental in the rally towards $1.9 in November last year and it could prevent the coin from further declines.

On the upside, the digital currency is facing an immediate resistance at the 70 cents mark. Whereas, the strong resistance level of the coin is at $1.

If the coin succeeds in breaking over its immediate resistance, it could open doors for more gains towards the $1 Mark. Also, it needs to stay over its immediate support level in order to prevent more losses.


SEE ALSO:   SEC Will Soon Rule Out XRP As A Security According To Ripple’s Chief Marketing Strategist 

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