- IOTA remains under bearish pressure as its price struggles below key resistance levels.
- Despite new mainnet developments, weak buying interest keeps the risk of further losses elevated.
IOTA fell to around $0.0377 on November 6, extending its decline as prices remained below key moving averages. The weakness comes despite six successful smart contract calls on its mainnet, highlighting the gap between ongoing network development and investor demand.
IOTA Price Faces Resistance Below Key Moving Averages
IOTA is trading near $0.0377, with its 24-hour trading range extending from approximately $0.0369 to $0.0413. The latest price action keeps the token below several important moving averages, reinforcing the bearish outlook.
On the daily chart, the 20-day simple moving average stands near $0.0389, while the 50-day average is around $0.0395. The 200-day moving average is also above the current price, near $0.0396.
These levels create several resistance barriers that IOTA must overcome before a stronger recovery can develop.
Momentum indicators also show continued weakness. MACD, ADX, and Bull/Bear Power point to selling pressure, while the Relative Strength Index (RSI) sits around 41.5, indicating weak momentum without reaching oversold territory.
The overall technical picture remains bearish, although some shorter-term indicators show mixed signals.
IOTA Mainnet Records New Smart Contract Activity
Despite the declining price, IOTA continues to make progress on its technical infrastructure.
The IOTA mainnet recently recorded six successful smart contract calls that created an on-chain audit trail. The activity stored block numbers and state hashes, providing a record that can help track blockchain operations.
The development is connected to Hyperledger Fabric and broader efforts involving the IOTA Foundation and the Linux Foundation to improve interoperability between public blockchains and enterprise systems.
These efforts could strengthen IOTA’s usefulness in business applications by making it easier to connect enterprise blockchain infrastructure with public networks.
However, the latest technical progress has yet to translate into stronger market demand. Investors continue to focus on the token’s declining price and weak technical structure.
IOTA Price Prediction: $0.0361 Support Remains Critical
The short-term outlook remains cautious, with $0.0361 emerging as an important support level. A daily close below this area could expose IOTA to further losses, with the next notable support near $0.0313.
On the upside, $0.0411 represents the nearest major resistance. A sustained move above this level could improve the short-term outlook and create room for a stronger recovery.
For now, the bearish scenario remains dominant.
Analyst Anton Kharitonov maintains that IOTA faces clear technical pressure, with its price below major moving averages and limited evidence of renewed buying interest. He acknowledges the importance of recent network developments but argues that they are not enough to reverse the current market trend.
IOTA’s next move will largely depend on whether buyers can defend $0.0361 or push the price above $0.0411. Until stronger buying interest emerges, the risk of further losses remains elevated.
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