IOTA Price Analysis: 30 March

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice.

Asset showed some weakness on the price charts after falling below $0.24 in March
Momentum was neutral with capital inflows, but it was likely that IOTA prices could go lower

IOTA (IOTA/USD) has recorded a rollercoaster ride in terms of price fluctuations over the past year. The token was trading at $0.79 on 1 March 2022, $0.169 on 1 January 2023, and $0.242 on 1 March 2023.

Realistic or not, here’s IOTA’s market cap in BTC’s terms

At press time, IOTA/USD was valued at $0.211 after posting 6% gains in the last 24 hours, retracing from $0.217 to $0.211. This analysis will examine key technical indicators on the 1-day timeframe, including the Relative Strength Index (RSI), Bollinger Bands, On-Balance Volume (OBV), Chaikin Money Flow (CMF), Moving Averages, MACD, Money Flow Index (MFI), and Parabolic SAR.

Analysis showed a downtrend could begin for IOTA under this support level

Source: IOTA/USDT on TradingView

IOTA is a crypto token that has a positive correlation with Bitcoin (BTC) on the price charts. With Bitcoin facing strong resistance at $28.7K, IOTA could record a pullback. The market sentiment has been bullish in March, but there’s a possibility of a correction south for both BTC and IOTA.

Key Highlights –

RSI at 48.3, reflecting neutral market sentiment
Bollinger Bands converging, indicating a potential price breakout
OBV at 2.8 billion, flat for the past two weeks
CMF at +0.19, suggesting strong buying pressure
Moving Averages: 20 SMA at 0.211, 50 SMA at 0.225
MACD below zero line and formed a bearish crossover
MFI at 40.8, indicating bearish momentum
Parabolic SAR’s dots were above price candles, signalling a short-term bearish trend
Significant support levels: $0.2035 and $0.178
Significant resistance levels: $0.24 and $0.277

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Author: Akashnath S

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