IOTA price analysis: Appears to have broken down, can it bounce back above the breakdown line?
|- Gains after breaking down of the horizontal support.
- More downsie if fails to cross and sustain above the line.
IOTA gained on Monday after breaking down on Sunday below the horizontal support line that it held on to in past many instance of price drops, although it remains to be seen if it can cross past the line and sustain it.
IOT/USD was up more than 3 percent on Monday at $1.019, much below the resistance line of $1.0935. Only solace for the bulls is the oversold RSI which is bouncing back and may take it towards $1.09 mark.
On the intra day 15-minute chart too, the price seems to have broken down and the gains of the day may not sustain. Immediate resistance is around $1.0245 and $1.0400. Supports now exist between $0.98 and $1.00 marks.
IOT/USD intra day 15-minute chart:
IOT/USD daily chart:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.