Iota (MIOTA) News – Iota (MIOTA) falls amidst low volumes

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The past seven days, in general, have been pretty good for most cryptocurrencies. The same is not valid for iota (MIOTA). When you look at the chart of iota (MIOTA) for the past seven days, it has shown negative returns. At the same time, some other indicators have not been that encouraging either. It is the reason why investors are worried as to whether iota (MIOTA) will recover soon or whether the losses will deepen. On the fundamental front, the development team is making the right moves by tying up with various companies to increase the usage of its blockchains. The same is with the technical front.

Iota (MIOTA) falls amidst low volumes:

A week earlier, iota (MIOTA) was trading around $ 0.304. Currently, it is trading around $ 0.64. In a matter of just seven days, it has gone down by almost 4%. The problem, however, it is not of the fall. The main problem is the low volumes. The volumes have decreased from $ 18.8 million to just around $ 6.9 million in the past 24 hours. If it is falling on lower volumes, it indicates less interest. Since most of the other cryptocurrencies are recovering, it was expected that iota (MIOTA) would also see some positive attention from the investors.

The truth is that the decreasing volumes indicate that in spite of the fundamental announcements, the volumes are tapering off. If the volumes do not pick up any time soon, the rally which will start might be on thin feet. In such a case, at the slightest negative downturn in the cryptocurrency markets, the rally will be sold into as well. That is why, if iota (MIOTA) is to gain and sustain at those levels, it is essential for it to rise on higher volumes. Only when that happens, it can continue the rally.

Nearest support levels:

Fortunately, it has strong support nearby. The support is at $ 0.2815. If it falls to that level, the buying will resume. In such a case, the volumes can increase as well. When that finally happens, it can rise on significant volumes once again. Till that point in time, it is better to avoid venturing into iota (MIOTA) if you haven’t invested up until now.

Thus, it seems like the quantum of the fall is not a problem for iota (MIOTA). It is the low volumes which are the main problem for iota (MIOTA). Only once the volumes pick up, it can once again rise.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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