The cryptocurrency market is currently correcting after an excellent start to the week, but IOTA is one of the worst performers in recent days
The cryptocurrency market has had an excellent start to the week, with several coins performing well. Bitcoin was finally able to cross the $50,000 resistance level and closed in on the $53,000 mark before slightly retreating. BTC is now trading above $51,000 per coin.
Ether also surpassed the $3,800 level yesterday after setting up strong support at the $3,500 point. ETH has also slightly retreated, and it is now trading above the $3,700 mark. However, IOTA is one of the worst performers so far this week, with the cryptocurrency’s price down by over 10% in the past 24 hours.
IOTA’s poor performance comes despite other leading cryptocurrencies recording gains. The coin could record further losses as the broader cryptocurrency market starts to correct some of its recent gains.
IOTA price outlook
The IOTA/USDT 4-hour chart is one of the most bearish amongst the top 50 cryptocurrencies by market cap. IOTA is currently down by over 10% and could record further losses over the coming hours. Its technical indicators are currently in the bearish region.
IOTA’s RSI is currently at 47, indicating that it is close to the oversold region. The MACD line is still in the bullish region, but this has to do with IOTA’s 74% gains last week. Unless the bulls regain control of the market, IOTA could wipe out some more of last week’s gains in the coming hours.
IOTA/USDT 4-hour chart. Source: TradingView
IOTA is currently trading at $1.64 per coin. If it fails to stay above the $1.60 pivot level, then the first major support at $1.52 could come into play over the next few hours. The second major support level at $1.02 should limit further downward movement unless there is an extended period of sell-off in the market.
However, if the bulls regain control and hold the $1.60 pivot level, it could propel the cryptocurrency towards the first resistance point at $1.77. The second major resistance at $1.88 could come into play if IOTA gains support from the broader cryptocurrency market.
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Author: Hassan Maishera