IOTA has seen losses in recent days, but the bulls were able to defend the important support level at $ 0.550.
The cryptocurrency market has been able to hold its position for the past 24 hours. On Tuesday, Bitcoin fell below $ 30,000 and managed to hold above the $ 29,000 range over the past 24 hours.
However, other cryptocurrencies posted losses, with the IOTA price dropping nearly 4% in the last 24 hours. However, IOTA managed to defend the important support level at $ 0,550. However, with a further slump in Bitcoin and the broader market, the IOTA price could fall further.
The overall market sentiment remains bearish. Some analysts expect Bitcoin to eventually test the $ 24,000 mark.
IOTA Price Forecast
The 4-hour chart of IOTA / USD is in bearish territory, after the crypto currency has lost about 4% of its value in the last 24 hours. IOTA hit a daily high of $ 0.6148, but then lost momentum due to the performance of the broader cryptocurrency market and began to experience losses.
The decline caused the IOTA / USD pair to slide into the range of 0,575. However, the bulls were able to defend the support level of $ 0,550, and IOTA is now trading above $ 0,580 again.
Chart IOTA / USD. Source: Coinalyze
If the recovery trend continues, the IOTA price could overcome the 24-hour high of $ 0.6148 and target the 100-day SMA at $ 0.6532. However, to exceed this level, IOTA would need the support of the broader crypto market.
Since the market is still in a bearish cycle, in the opposite scenario, IOTA could lose the support level of $ 0,550, which would bring into focus the second important support at $ 0,500. Unless there is a major sell-off, IOTA is likely to easily defend the $ 0,500 mark.