IOT/USD Long-term Trend -Bearish

Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600

IOTA remains in a bearish trend in the long-term outlook. The cryptocurrency is still within the downward channel in its long term outlook. The strong bearish pressure of last week session was sustained this week as MIOTAUSD dropped to a new low of the week.

$0.2460 in the demand area was attained on 29th January.

A minor pullback to the supply area occurred on 31st January as price rose to $0.2814. Rejection of the further upward movement was seen around the 10EMA as the daily candle ended as a bearish inverted hammer due to the bears taking over the market.

The journey to the lower line of the channel is opened as the new trading week looks good for the retest of the lower line of the downward channel.

Further confirmation to a bearish long-term outlook is the stochastic oscillator signal pointing down in the oversold region of 16% and price below the two EMAs.

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

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