It seems that the IOTA price is gripped in a morse of ever-constant decline. After reaching the $0.88 level just a few days ago, it is now trading between the $0.70 and $0.75 levels with a prevalence to continue a descending trend. If you haven’t bought any IOTA yet, this How To Buy Cryptocurrency, Beginner’s Guide would be a good place to start off.
The IOTA price is now around 15% off its July 7 high of $0.88 and this decline is rather worrying for long term HODLERS. The next level of support is around the $0.70 mark so a testing of that level would be the logical next step. However, a bullish thesis would invalidate that theory and IOTA could again test the $0.80 level for an assault on the $1 mark.
Short Term IOTA price forecast: Bears Looking Towards A Sell Off
Although IOTA remains a strong proposition with a very solid use case, it does seem to have been caught in the negative crypto market sentiment. After reaching the dizzying heights of the $2.50 levels in early May, it is now more than 70% down from that level and further short terms losses are expected.
The next support level that IOTA is expected to test is the $0.70 mark. If that breaks, then a descent to the $0.59 mark may be expected to be quite fast. There is strong support at the $0.50 mark although that would be an ultra-bearish stance with a large sell-off then taking place.
A bullish thesis would invalidate this argument. The IOTA price would theoretically bounce off the $0.70 level and make a charge to the $0.80 mark or a 15% rise. This would then be followed by a buying spree with the price rising further to the $0.90 level. Resistance levels at $0.80 and $0.85 need to be overcome before this bullish thesis is validated.
IOTA long term forecast: Recovery to the $2 level possible?
With IOTA having suffered one of the largest declines in the crypto market, the long-term outlook is still positive. Several predictions have IOTA reaching the $2 mark by the end of the year while others are more circumspect. If you haven’t yet bought some crypto why not have a look at these Best Cryptocurrency Brokers?
Alternatively, there are others who are predicting a further crash in the crypto markets which would undoubtedly affect the IOTA price. The next few weeks will be interesting to observe which way the Internet Of Things cryptocurrency is going.
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Gerald Fenech
