Iota is an open-source blockchain protocol based on DLT (Distributed Ledger Technology). It is designed for IoT (Internet of Things) and is a zero fee and highly secured value transfer protocol. It follows a citizen-centric approach and can be used for cross-border digital transactions. MIOTA is the prime governance token of this network. Let us look at the technical analysis for MIOTA. Past Performance On Jul 21, 2021, MIOTA opened at $0.59. On Jul 27, 2021, IOTA closed at $0.88. Thus, in the past week, the MIOTA price has increased by roughly 49%. In the last 24 hours, MIOTA has traded between $0.74-$0.89. https://ift.tt/3x3XX1z Day-Ahead and Tomorrow Currently, IOTA is trading at $0.87. The price has decreased from the day’s opening price of $0.88. Thus, the market seems bearish. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further. Currently, the RSI indicator is at 43%. It faced rejection at 37% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the MIOTA price. However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further. In short, the RSI indicator has given positive signals, while the MACD and OBV indicators have given negative signals. Thus, we have to wait and watch if the bearish momentum continues or a trend reversal occurs. MIOTA Technical Analysis Currently, the price is above the Fibonacci pivot of $0.87. The price may soon fall below it and further below the first Fibonacci pivot support level of $0.78. After that, we have to wait and watch if the price falls further or starts rising. The price may soon test and fall below the 76.4% FIB retracement level of $0.852. It may further fall below the 61.8% FIB retracement level of $0.83 as well. If by day close, the price retests and surpasses these levels, the price uptrend is strong enough to sustain till tomorrow.
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