Categories: Altcoins

IOTA Technical Analysis – Retest of Broken Support?

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IOTA recently broke below support at the 0.9600 level then dipped to 0.8000 before pulling up. Price seems to be retesting the broken floor before heading any lower and the Fib tool shows that this lines up with the 61.8% retracement level.

To top it off, this also coincides with the 200 SMA dynamic inflection point. The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. The gap between the moving averages is also widening to signal strengthening selling pressure.

With that, the area of interest is more likely to hold as resistance than to be broken. In that case, IOTA could fall back to the swing low or lower from here.

RSI is moving up, though, indicating that buyers still have some energy to push for more gains. A move past the 1.0000 handle could pave the way for a climb to the swing high at 1.0650 and beyond. However, the oscillator is nearing overbought levels to reflect exhaustion among buyers. Similarly stochastic is heading up but also nearing overbought levels to signal that buyers might need a break soon.

News that Sirin Labs dropped IOTA from its FINNEY Blockchain smartphone hit the digital asset hard. However, the company clarified that they won’t be using Ethereum for very long as they plan to migrate the ecosystem to a next-generation blockchain.

FINNEY will be launched in November and this crowdfunded smartphone is crypto-compatible, easy-to-use, and could lead to mainstream adoption of blockchain technology. The fact that it wouldn’t be tapping into IOTA, however, has been bearish news for the altcoin.

This could weigh on investor confidence in IOTA for a bit, and it doesn’t help that the industry has been on a rough ride lately. From news of the outage on HitBTC and negative remarks from economist Paul Krugman, it seems that IOTA and its peers could really use some good news.

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