IOTA Price Struggles to Correct The 3% Dive From Yesterday

IOTA is one of the altcoins in our focus at the beginning of this month. The bulls behind the MIOTA token intend to exploit the current recovery, but the IOTA price struggles to reach the $0.3 limit which was established before.

As we can see from the latest IOTA news now, the coin is among the worst cryptocurrencies by selling pressure – a title which it saw from earlier this week. Meanwhile, correction from the recently formed high at $0.3 is forming a new lower high pattern. Right now, the support at the 100 Simple Moving Average (SMA) on the one hour chart could not stop the losses which extended and are now towards $0.27. The 50 SMA is still strong but not strong enough to force the ongoing shallow recovery.

For now, the IOTA price struggles and is trading at $0.2723 as the bulls are working hard to pull it back into the confines of a new ascending channel. The formation of a new short-term falling wedge pattern also suggests that a significant upward reversal is in the offing.

Meanwhile, the Relative Strength Index (RSI) trends upwards and shows that bulls are gaining traction. The technical indicator named the Moving Average Convergence Divergence (MACD) clearly shows that despite the ongoing recovery, the IOTA price struggles and bears are still in control.

Defending the support at the new mark of $0.27 will play a major role in staging another recovery movement above $0.3. IOTA is still not stable and just like the other altcoins, is starting this month below $0.3 which is below its psychological level right now.

Speaking of, the altcoin news and rumors today are linked to BTC and its trending price. Throughout the day, we could see greens and reds and now reds are dominating the market. Some of the biggest losers on the day include the price of Bitcoin SV (BSV) which is falling at 2.49% and XRP which is now in a minus of 1%. The gainers, on the other hand, include Stellar’s XLM token and its meteoric rise of 9.17% today.

As the current IOTA price struggles, the market capitalization is stable at $246 billion. If the momentum reverses, we could see new billions added and a market cap that is hopefully above the $250 billion mark.