Yahoo Finance IOTA Ends September With Steepest Decline Among Top Crypto Assets
Down 23.21 percent, MIOTA, the cryptocurrency that powers the IOTA software, has officially ended September's trading period as the biggest loser among the largest 25 crypto assets by market capitalization.
Data reveals MIOTA limped across the finish line as the month came to a close, expending declines that began with highs set in late August when the crypto asset traded as high as $0.79. September, however, saw an unsuccessful effort by IOTA bulls to stem what would ultimately prove to be a sizable sell-off, with the cryptocurrency reaching a low of $0.50 according to exchange data from Binance, the world's most active trading platform.
Still, this may say more about the market itself than the performance of MIOTA.
Bitcoin Price Ends September At Lowest Volatility in 15 Months
Overall, September had been dogged by a larger bitcoin sell-off that dragged down prices in the broader cryptocurrency market, creating a lot of "chop" but little in the way of substantial moves.
Adding credence to this assessment is that the cryptocurrency's market capitalization has largely recouped losses, rising from a September 12 low of $186.3 billion to $223 billion by September 30. Further, the loss of liquidity during the first half of the month meant that price action on some lesser known cryptocurrencies stalled, leaving them caught between various ranges or channels before falling victim to the larger sell-off in major cryptocurrencies.
MIOTA
Monthly performance:Â -23.21 percent
All-time high:Â $5.23
Closing price on September 30:Â $0.56
Current market price:Â $0.58
Rank as per market capitalization:Â 11
Sign Emerges That Falling Bitcoin Price Just Might Have a Floor
As shown above, MIOTA's downward move began at the start of the month, accelerating on September 1 when prices dipped by 12 percent and continued to be held under as the markets took a turn for the worse.
September 5-6 saw MIOTA suffer the greatest losses, shedding 16 cents. The rest of the month didn't fare better either as bulls attempted several small recovery bounces, but were held back by the tight grip of bitcoin's daily sell-pressure.
MIOTA made a final attempt to surpass $0.65 on September 22 but was swiftly knocked down after it failed to produce any significant higher highs to break the downward trend.
Still, MIOTA's 30-day volatility was 33.71% on the month, an average figure for a top 25 crypto.
Daily chart
The chart above shows MIOTA has the potential to break out from its bearish September conditions as prices seem to have found a short-term bottom around the $0.50-$0.51 range.
Volume has also begun to pick up in October, most notably during the second half of the month when IOTA went into consolidation and recovery mode. Indeed, confirmation from increasing total growing volume is a positive sign when stacking the odds in favor of a bullish breakout as the ranging channel begins to narrow once again.
Speaking of volume, patterns generally require a substantial amount to back what you are seeing as a valid formation.
The ascending triangle on the daily chart for MIOTA shows potential for a break above the previous daily high of $0.60 should a large injection of volume make its way onto the charts, just prior to the breakout.
A large rally and close above $0.65 (the 55-day Fibonacci exponential moving average) would signal a long-term bear-to-bull trend change aided by the breakout from the ascending triangle formation.
Dropping below the heavily defended $0.50 zone would entrench the greater bear bias that has continued to grip the markets since January of this year.
Disclosure:Â The author holds USDT at the time of writing.
Dollar image via Shutterstock; Charts by Trading View
