IOTA/USD Medium-term Trend: Bearish
- Resistance levels: $0.36, $0.40, $0.44
- Support levels: $0.26, 0.22, $0.18
IOTA has been suffering from selling pressure while been overwhelmed by the US dollar price worth in the trade. Initially, it faced range movements within $0.40 and $0.36 marks.
On January 10, the crypto suddenly got a push southwards to break the lower range zone, hence the occurrence of the current bearish trend. As at now, the market has been trading below $0.30 mark around the Bollinger Lower Band. The 50-day SMA indicator is located above the Bollinger Bands. The Stochastic Oscillators have crossed from the oversold zone to point north briefly at range 20.
With the emergence of a bearish candlestick below the Bollinger Middle Band yesterday, it’s a signal that this cryptocurrency may still have to experience more downs in the market for a while.
IOTA/USD Short-term Trend: Ranging
In the short-term, the market has been ranging within $0.30 and $0.28 marks since the trading commences today. Unlike yesterday while the crypto-market firstly saw a long price range move around $0.31 horizontal price level a bit below the 50-day SMA indicator.
But, the crypto dropped while the USD had a stronger driving force to touch $0.29 market point. Today, the market has been hovering around the $0.29 mark within $0.30 and $0.28 well-defined range zones. The Bollinger Bands are located underneath the 50-day SMA. The Stochastic Oscillators have conjoined at around range 60 to signal the possibility of price consolidation continuity in the market.
A breakdown of the lower range could lead to having a new low market point between the $0.28 and $0.25 price points. A reversal against the said range may result in allowing the bull to safely stage a come-back into the market.
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