IOT/USD falls below critical support line following bearish breakout
|- IOT/USD market has fallen below the critical $0.25 support line following a bearish breakout.
- Bulls need to rally together and keep market above the $0.22 support line.
IOT/USD market has fallen below the $0.25 support line, following a bearish movement this Wednesday. IOT/USD fell from $0.26 to $0.244 losing 6% of its value in the process. Currently, it is critical for the IOT/USD bulls rally together and keep the market above the $0.22 support line.
IOT/USD daily chart
The IOT/USD market forms a bearish triangle and has had a bearish breakout this Wednesday. The 50-day simple moving average curve (SMA 50) crossed over the SMA 20 curve on Saturday, January 26 which indicates that IOT/USD has been giving the sell signal for the last 12 days.
Despite the sharp price movement this Wednesday, it is evident that the bulls have tried to fight back. The last candlestick is floating a little above the lower curve of the 20-day Bollinger band, showing that the market isn’t as bearish as it could be. Currently, the bulls have two primary goals:
- Keep the market above the $0.22 support line
- Break past the resistance offered by the downward trending line.
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