Home IOTA Price Forecast: Slight Reversal Prelude To Charge?
Crypto News

IOTA Price Forecast: Slight Reversal Prelude To Charge?

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?

iota price

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.

Looking to buy or trade IOTA now? Invest at eToro!

Capital at risk

Gerald Fenech

Gerald Fenech

Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain