The cryptocurrency market is currently correcting after an excellent start to the week, but IOTA is one of the worst performers of the past few days
The cryptocurrency market has had an excellent start to the week, with several coins doing well. Bitcoin eventually crossed the $ 50,000 resistance level and approached the $ 53,000 level before declining slightly. BTC is now trading over $ 51,000 per coin.
Ether also crossed $ 3,800 yesterday after building strong support at $ 3,500. ETH has also pulled back slightly and is now trading above the $ 3,700 mark. However, IOTA is one of the worst performers yet this week, with the price of the cryptocurrency falling over 10% in the past 24 hours.
IOTA’s poor performance comes despite other leading cryptocurrencies making gains. The coin could see further losses as the broader cryptocurrency market begins to correct some of its recent gains.
IOTA price outlook
The IOTA / USDT 4-hour chart is one of the most bearish of the top 50 cryptocurrencies by market capitalization. IOTA is currently down over 10% and could see further losses in the coming hours. The technical indicators are currently in the bearish range.
IOTA’s RSI is currently at 47, which suggests it is close to the oversold region. The MACD line is still in bullish territory but that has to do with IOTA’s 74% gains last week. Unless the bulls regain control of the market, IOTA could wipe out more of last week’s gains in the hours ahead.
IOTA / USDT 4 hour chart. Source: TradingView
IOTA is currently trading at $ 1.64 per coin. Unless it stays above the $ 1.60 pivot level, the first major support at $ 1.52 could come into play in the next few hours. The second major support level at $ 1.02 should limit further downside unless there is a prolonged 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 receives support from the broader cryptocurrency market.