The MIOTA token has lost against both USD and Bitcoin as sellers increase downward pressure&
IOTA price has fluctuated heavily in the past 24 hours, recording values within the range of $0.97 to $1.13 as shown on crypto market data aggregator CoinGecko. The 48th ranked cryptocurrency is trading around $1.02 at time of writing, with a daily trading volume of over $90 million and market cap of $2.8 billion.
According to CoinGecko data, IOTA’s price is down 6.8% against the US dollar and 5.4% against BTC in the 24-hour timeline. Although bulls are battling to keep prices above $1 after today’s dip, the robust challenge they face at current prices suggests a fresh decline extending to 4 August lows of $0.82 is possible.
Here is how MIOTA/USD looks on the daily and 4-hour chart:
IOTA price technical outlook& 
MIOTA/USD 4-hour chart. Source: TradingView
On the 4-hour chart, MIOTA/USD is below the 50MA, but looks likely to attempt a new move after rebounding from an old horizontal support line. The contrary picture is nonetheless more likely given the RSI is languishing below 50 and a bearish crossover for the MACD suggests seller advantage.
The daily chart shows that IOTA price remains above a bullish trendline formed since the recovery from lows of $0.56 on 20 July. The uptrend saw bulls break above several crucial resistance zones, the first one being the 50-day moving average line. Price also moved past the 100-day moving average before bulls ran into headwinds near the 200-day moving average.& 
MIOTA/USD daily chart. Source: TradingView
The negative returns from the 200MA included a two-day plunge past the 100MA, with bulls’ attempts to keep shape thwarted by increased profit taking across the market. The outlook suggests that renewed downward pressure might finally push IOTA/USD beneath the support trendline. The scenario points to a potential retest of the 50% Fibonacci retracement level of the swing to $1.24, which would mean losses to $0.90.
From here, bulls are likely to regroup for another go, but if it fails, the 50MA ($0.85) and 61.8% Fib level ($0.82) should act as new demand zones.
The post IOTA Price Analysis: MIOTA vulnerable to new dips below $1 appeared first on Coin Journal.
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