IOTA Price Tests Major Support Levels Amid Broader Cryptocurrency Market Decline

There have been huge fluctuations in the entire cryptocurrency market; The price of IOTA has fallen by almost 3% in the last 24 hours.

IOTA aims to facilitate microtransactions between IoT devices using the unique Tangle consensus algorithm.

“The market crash wiped out nearly $200 billion in a single day and affected various digital assets such as IOTA,” experts note.

IOTA is experiencing a significant price decline along with the general decline in the cryptocurrency market, affecting its top position among digital assets.

When we analyze the recent price action of IOTA, the cryptocurrency is currently trading below key technical indicators. Its 50-day simple moving average (SMA) is $0.226 and its 200-day SMA is $0.246. Since the current price is trading below these levels, a bearish trend seems to prevail throughout the market.

Technical Indicators Showing a Downward Trend

IOTA's Relative Strength Index (RSI) is just above 38, approaching the oversold zone, but not quite there yet. Historically, when the RSI reaches the oversold zone, the asset usually experiences a reversal. The Moving Average Convergence Divergence (MACD) line has crossed below the signal line, indicating the bearish momentum seen in the MACD histogram.

📈📉 #ıota $IOTA