Last month, MIOTA, the IOTA internal currency was down 24 percent as the coin market vacillated mostly around the bears. Among the top 25 coins, the MIOTA was the biggest loser in September despite showing promises.
The coin surged sometime in August making it one of the attractions of the month as the IOTA Foundation made a number of disclosures and partnerships with big names such as VW. This however could not be sustained through September.
Bear Pressure
The coin had a high of $0.79 according to data from Coinmarketcap but with eventual selloffs dipped to $0.5. This was despite the efforts made by bulls to see that the coin maintained the unexpected momentum of August.
This has been a common trend in the coin market in which Bitcoin is more or less the pacesetter and determinant of the direction of altcoins. Bitcoin had substantial sell pressure in the month even though it mostly traded at a range around $6,400 leading to the speculation of relative stability.
There however is no doubt that the confidence that the coin market lacked was instrumental to the inability of MIOTA to make sustained gain in the month of September.
MIOTA is presently ranked at number 11 according to Coinmarketcap. It has a capitalization of $1.5 billion. The coin lost 12 percent at the beginning of September and has cumulatively lost 24 percent in comparison with its value at the beginning of that month.
Even with the losses at the beginning of the month, the bearish pressure was not as pronounced the rest of the month even though the bulls could not gain enough traction to avoid more losses.
On September 5 and 6, MIOTA lost $0.16 making those the biggest losses for the month. Perhaps its last real attempt at pull-back was on September 25 but that effort only seemed to have given way to higher sell pressure bringing the price of the coin back to its support.
Price Analysis and Trend
MIOTA has since found support at the $0.50 to $0.51 range but the price movement is looking very interesting at this point. A view of the chart shows that the coin seems to have bottomed out and may be ready for a breakout.
Presently, MIOTA is trading at $0.568. A Trading View analysis confirmed this saying, “IOTA is still on Lower Highs within the 1W Channel Down ( MACD = -0.294, Highs/Lows = -0.0836, B/BP = -0.04041) but still supported above 0.4978, which has created a strong 1D Triangle (neutral RSi , ADX , CCI , Highs/Lows). This is approaching its completion and we are expecting a break-out to the downside soon, so we are keeping our short positioning (TP = 0.3199, 0.1459).”
What is obvious is that October will see higher prices for the coin. If it will be sustainable is another thing but at the end of the day, Bitcoin and the general coin market may yet have the last say.
