Nevertheless, there is upside potential in the short term if the IOTA price can now break the 50-day EMA resistance at around $ 0.305.
IOTA price struggles with 50-day EMA resistance at around $0.305
IOTA Price Chart by Tradingview
The IOTA price has been forming higher lows as well as higher highs for weeks, which is a bullish sign. However, the IOTA price is now encountering resistance at the 50-day EMA at around $ 0.305 and if IOTA is rejected, IOTA will find significant Fibonacci support at around $ 0.289 and around $ 0.265.
On the other hand, if IOTA breaks the 50-day EMA at around $0.305 bullish, the next significant Fibonacci resistance is waiting at around $0.33.
The RSI is neutral, while the MACD is bullish. Because the histogram is ticking bullish higher and the MACD lines are crossed bullish.
The weekly EMAs have a Death Cross
IOTA Price Chart by Tradingview
A death cross was already established in the weekly chart in June, which confirms the bearish trend in the medium term. The MACD, on the other hand, is bullish, because the MACD lines are crossed bullish and the histogram ticks bullish higher.
Should IOTA overcome the Golden Ratio at around 0.33 USD, the next significant Fibonacci resistances are waiting at around 0.51 USD and at around 0.68 USD.
The IOTA price has been in a downtrend for years
IOTA Price Chart by Tradingview
The IOTA price has been in a downtrend for years and the all-time high remains unmatched. In addition, the IOTA price was rejected at the 0.382 Fib resistance in the last bull cycle, which is very bearish. In fact, the IOTA price has been in a parallel downward channel since 2018.
In addition, the monthly MACD is also clearly bearish, because the histogram ticks bearishly lower and the MACD lines are crossed bearishly. The RSI is neutral, but is gradually reaching oversold regions.
For a bullish trend change, IOTA would have to break the golden Ratio at around $3.6. This would have to make the course almost twelve-fold.
Against BTC, the IOTA price was rejected at the Golden Ratio resistance
IOTA Price Chart by Tradingview
Against BTC, the histogram of the MACD in the monthly chart has been ticking bearishly lower for several months and the MACD lines could soon cross bearishly. In addition, IOTA was rejected bearishly at the Golden Ratio resistance at around 0.000016 BTC last month and is now supported at the 0.382 Fib level at around 0.00001312 BTC.
If IOTA breaks this support bearishly, IOTA will find the next significant support at around 0.00001135 BTC. Otherwise, IOTA will find horizontal support between 0.000008 and 0.0000103 BTC.
