The IOTA price has seen another downturn of around 8% over the past 24 hours but there appears to be strong support at the $0.80 level. IOTA declined from $0.89 on July 7 to around $0.82 yesterday and was in further decline today to the $0.81 mark.
It seems that selling pressure has once again hit the Internet Of Things crypto after having been rejected at the $0.90 mark. Strong support at the $0.80 level should enable a bounceback. A descent below the critically important $0.80 mark would of course invalidate this bullish thesis and spark a sell off. If you haven’t yet bought some crypto, then our cryptocurrency beginner’s guide would be a good place to start.
Iota has been one of the cryptos which has suffered a huge decline from its early lows. In fact, it is currently down almost 70% from the high of $2.42 registered in early May. The 19 May crash was clearly decisive with the value falling 50% in 24 hours.
However, there were recoveries especially on 3rd June when the price rallied to the $1.34 mark. The IOTA price is now almost 40% down off that level at $0.81 and is perilously close to the $0.80 level where a collapse could be on the cards.
Short term forecast For IOTA Price: Ready To Bounce Back Up?
After having reached the $0.89 mark on 7 July, IOTA was expected to breach the $0.90 barrier and move on to the next resistance level of $0.95. However, that bullish prediction was invalidated as it fell back to the $0.81 mark or another 8% decline.
The price is now hovering between the $0.80 and $0.83 level and could well bounce back to the $0.85 mark where another attempt at the $0.90 level would probably be made. There seems to be strong support at $0.80 but a bearish thesis could invalidate all this.
In fact, if the IOTA price sinks below the $0.80 mark then a sell-off would occur to take the price all the way back to the $0.70 mark. This would signify strong selling pressure although it would also be an opportunity for buyers to come in at these low prices. At this point, the $0.80 level is a crucial support level and much depends on whether this will hold or be breached. A number of crypto brokers provide a good service if you are looking at buying some crypto check out our cryptocurrency brokers guide.
IOTA long Term Forecast: Moving Forward Slowly But Surely
With the regulation clampdown spectre constantly clouding crypto market sentiment, IOTA has been no exception. The Internet of Things-based cryptocurrency has a very strong use case however and should continue to move forward both in price as well as usability. Various predictions have it at $2.50 by the end of the year and even a staggering $8 by the end of the year. What is definite is that IOTA isn’t going to disappear anytime soon.
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Gerald Fenech
