- IOTA embarks on gains trimming exercise within a descending channel.
- All technical levels align in support of the ongoing reversal.
IOTA is among the worst battered cryptocurrency even as the week grinds to an end. The asset is trading at $0.1736, which is lower 2% from the opening price of $0.1772. The recent surge from lows at $0.1558 ran out of steam before testing $0.2. However, IOTA broke several resistances to new 2020 highs at $0.1967.
The last couple of days have been dominated by declines as IOTA embarked on a new mission to find a credible support zone. The losses are also confined in a descending channel whose support and resistance line have been tested severally. As long as the channel support continues to hold, the bulls can focus on breaking the resistance and pull the price above $0.2.
Meanwhile, technical levels suggest that the path of least hurdles is to the south. The Relative Strength Index is brushing shoulders with 30 and could make an entrance into the oversold region in the near term. At the same time, the Moving Average Convergence Divergence is stuck in the negative territory. If the MACD bearish cross increase, IOTA could test the next support at $0.17 or even fall further towards $0.16.
IOT/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
All technical levels align in support of the ongoing reversal.
IOTA is among the worst battered cryptocurrency […]