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IOTA price analysis 6 August 2019; Bear on the horizon

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So we’ve finally gotten over the Litecoin halving, Bitcoin surge and all the other major events that have been taking up most of the real estate of the cryptocurrency news platform. Finally, we are able to dedicate some attention to IOTA price analysis, which has actually been performing rather well in the background and continues to do so.

When it comes to analyzing IOTA’s performance for today, there’s nothing good to say, unfortunately. The coin had a major fall around 3-4 hours ago when it fell from $0.298 to $0.281. Luckily the price is back on track for the short term as it already hit the $0.285 resistance and is testing it as we speak.

IOTA price analysis

IOTA chart by Trading View

At the moment of writing this IOTA price analysis, we’re happy to report that a major resistance level at $0.285 has already been passed and will soon be testing the $0.290 very soon.

The initial support level lies at $0.278 but it’s highly unlikely to repeat the fall that occurred on the 4th of August.

Despite IOTA making major strides during the last few days, it’s still obvious that it mostly reacts to Bitcoin surges and fluctuations.

Therefore, if BTC is able to retain the $11,500 support level and bounce back from the bear trap, it’s likely that IOTA will follow suit and reach price levels of $0.300 and above.

Right now the short term IOTA price analysis is bullish based on the fact that Bitcoin whales are preparing to enter the market once again. But when it comes to long term, once BTC market dominance settles in once again, it’s unlikely that IOTA will see major gains anytime soon.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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