IOT/USD Long-term Trend -Bearish

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

IOTA is in a bearish trend in the long-term outlook. The bullish pressure was lost after a nice ride to $0.3353 in the supply area on 19th January after a touch at the 50-EMA a strong resistance. The day ended as an inverted hammer.

The bears returned and with a large bearish candle and closed took cryptocurrency down to $0.2939 in the demand area below the 10-EMA on 20th January.

The bearish momentum was sustained within the week with MIOTA already down to $0.2831 as the trading week draws to a close.

The cryptocurrency is in a descending channel. The journey to the lower line of the channel is already started. This is obvious with price below the two EMAs and the stochastic oscillator signal pointing down at the oversold region of 18%.

These signal downward momentum in price. The new trading week may see the bears' pressure becomes much stronger as the coin approaches the demand area.

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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