The negative pressure across all cryptocurrencies is not relenting anytime soon. What first appeared to be a very brief dip is slowly turning into a reversal of the gains made last week. The IOTA price is a good example of how dire things are getting. Losing 11.16% in the past 24 hours isn’t encouraging.
IOTA Price Pressure Intensifies
Even though last week looked incredibly promising for all major cryptocurrencies, the momentum has eroded rather quickly. Volatility is the name of the game in the world of Bitcoin and altcoins. However, few people had expected things to deteriorate so quickly for the IOTA price. With a current price of $1.74, things are not looking all that great.
This development comes in the form of a massive 11.16% decrease for the IOTA price over the past 24 hours. It is pretty interesting to see how direly the momentum can get in quick succession. If this momentum keeps up, the IOTA price will lose all of the gains earned in the past week. That would result in a MIOTA value of $1.55, which is not entirely out of reach of either.
To make matters even worse, the IOTA price will seemingly continue to decline due to ongoing losses in the MITOA/BTC ratio. With another 9.47% decline in that department, and the negative Bitcoin price pressure, it seems evident the IOTA price will continue to face hardship in the hours and potentially days to come.
While IOTA maintains a relatively healthy trading volume of $167.019m in the past 24 hours, it is evident the bears are in full control of this market on every single front. With the sellers vastly outweighing the buyers, buying IOTA at current prices is on par with trying to catch a falling knife. There will be a new support level eventually, but for now, no one knows for sure where that will be.
It appears the vast majority of IOTA trading volume originates from Bitfinex and Binance. Bitfinex leads the market, whereas Binance’s BTC and USDT pairs are in second and third place at the time of writing. OKEx adds another USDT pair to the top five, whereas Coinone brings in KRW trading. An interesting mix of currencies, although it remains to be seen when the positive momentum returns.
So far, it seems this week will be off to a similar start as the week before. Last Monday wasn’t all that positive either, yet things eventually turned around on Tuesday and Wednesday. History hardly ever repeats itself in this regard, albeit cryptocurrencies are always unpredictable first and foremost. For the IOTA price, things will get pretty interesting either way.