IOTA defends $ 0.55 support region

IOTA has recorded losses in the past few days, but the bulls were able to defend the important level of support of $ 0.550.

The cryptocurrency market has been able to keep its position in the last 24 hours. Bitcoin fell less than $ 30,000 on Tuesday and was able to stay above the range of $ 29,000 in the last 24 hours.

other cryptocurrencies have recorded losses, with the value of IOTA has dropped by almost 4% in the last 24 hours. It was able to defend the large level of support at $ 0.550, but a further decline in Bitcoin and the wider market could lead to a drop in the price of IOTA.

The general market mood still remains pessimistic, with some analysts expect Bitcoin to test the level of USD 24,000 at some point.

IOTA price view

The IOTA/USD 4-hour chart is in the declining area after the cryptocurrency has lost around 4% of its value in the last 24 hours. IOTA reached a daily high of $ 0.6148, but the performance of the wider cryptocurrency market made him lose swing and began to record losses.

The decline caused the IOTA/USD couple to slip into the region of 0.575. However, the bulls were able to defend the level of support of $ 0.550, and Iota is now again over 0.580

IOTA/USD chart. Source: Coinlyze

If the recovery trend continues, the IOTA course could outperform the 24-hour high of USD 0.6148 and target the 100-day-free moving average at $ 0.6532. However, it would need the support of the broader cryptom market to exceed this level.

On the other hand, Iota could lose the level of support of $ 0.550, since the market is still in a declining cycle, which focuses on the second major support point at 0.500 USD. If there is no longer market sale, IOTA should be able to conveniently defend the level of $ 0.500.