$IOTA (MIOTA) token skyrocketed 30% over the course of the last nine days. But, as of writing, the price is retracing. Is another rally incoming?
While the $IOTA token showed an impressive price rally, it is battling strong resistance. Will the token continue to rise?
$IOTA (MIOTA) Price Faced Rejection From Fibonacci Level
On Tuesday, MIOTA tested the 0.5 level of the Fibonacci retracement drawn from the local top at $0.2740. The token reached a price point of $0.2266 but has been down by over 12% since then.
Along with the resistance at the 0.5 Fibonacci level, the 200-day Exponential Moving Average (EMA) lies at $0.2295.
Lastly, there is a golden ratio resistance, the 0.618 Fibonacci level, at $0.2349. The token needs a decisive daily close above these resistances if $IOTA is to rally again.
Although the MIOTA token price has retraced quite a bit, it is now hovering around the support zone of the Fibonacci level of 0.236 at $0.1958.
Along with that, it has the support of both 10-day EMA and 50-day EMA at $0.1966.
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After consolidating around these support zones, the token could make another attempt to break the resistance area.
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