IOTA/USDT Faces a Strong Pullback Below the $0.5000 Price Level

The IOTA token appeared as the second most gainful coin on the day as of the time of writing. However, the token’s price chart has revealed that the market has been consistently seeing a pullback below a psychological resistance level for the past four sessions.

IOTA Statistics:

IOTA Price: $0.4881

IOTA Market Capitalization: $1.72B

IOTA Circulating Supply: 3.54B

IOTA Total Supply: 3.54B

IOTA CoinMarketCap Rank: 80

Key Price Levels:

Resistance: $0.5000, $0.5500, $0.6000

Support: $0.4500, $0.4000, $0.3500

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IOTA Market Retreats Below the $0.5000 Threshold

Although the IOTA/USDT market has seen significant bullish progress in recent times, the resistance level at the $0.5000 mark has formed an effective barrier to sustained upside progress. Nevertheless, price action is the basis for subsequent upside progress, as the token trades above all the Moving Average (MA) lines.

The Stochastic Relative Strength Index (RSI) lines can be seen falling toward the 60 and 50 levels of the indicator. This seems proportionate considering the massive contraction that has occurred in the ongoing session. Yet, the market remains at a significant distance above all the MAs, so the uptrend may be considered preserved.

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IOTA/USDT Sits Above a Key Support

In the 4-hour IOTA market, it can be seen that the price of the token has been dwelling just above the 20-day MA line. Consequently, this lies above all other MA lines, such as the 50-, 100-, and 200-day MA lines. Additionally, the Stochastic RSI lines are still trending upward, with the lead line almost hitting the 80 level of the indicator.

However, the movement of the Stochastic RSI lines seems a bit exaggerated. Consequently, this suggests that the $0.5000 mark may still be a strong resistance to price movements. Better still, traders may want to maintain a close-by target, using crypto signals with targets around the $0.5250 price level.

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