IOTA/USD Medium-term Trend: Bearish

Resistance levels: $0.50, $0.55, $0.60
Support levels: $0.25, 0.20, $0.15

Since November 14 while a major bearish candlestick emerged, IOTA has been having uglier price movement against the market valuation of the US dollar. The lower Bollinger Band has been strongly stretched southwards as a result of the crypto’s weakness in the market.

Currently, the market is approaching the $0.35 price territory. The 50-day SMA is located above the middle Bollinger Band with a notable space between them. The Stochastic Oscillators have headed south to briefly touch range 20.

IOTA still looks been weak and, the USD has the better potential of dominating the market as long as the middle Bollinger Band is kept over it.

In the last hours so far, IOTA suffered significantly against the USD valuation during the trading session. As at now, there has been a strong indication that the crypto has been trying to recover as at the time of writing.

The market has earlier been pushed southward a slightly beyond the $0.36 mark today but, there has been a notable correction. The 50-day SMA is located over the middle Bollinger Band. The Stochastic Oscillators have dipped into the oversold zone to consolidate within it in the last couple of hours.

The $0.35 mark is the pivotal price point that if fiercely breached southward, the $0.34 or even below could be witnessed while that assumption plays out.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute inancial advice. Always do your own research.

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