IOTA price analysis: IOT/USD tumbles over 5% on Monday; the bears are not done with explorations
|- IOTA price trend is strongly bearish; the path of least resistance is to the downside.
- IOT/USD is on the verge of sinking below $1.0, the bulls must stand their ground to stop further declines.
IOTA is one of the biggest losers in the cryptocurrency on Monday plummeting 5.56% on the day. The bulls have given in to the selling pressure, besides the price has broken below the falling wedge pattern. IOT/USD opened the trading session marginally above $1.75 and has remained under the influence of the Bears since.
The price is battling to find a short-term support above $1.1, besides technical indicators signal that further lower corrections could explore the range below $1.00. The stochastic indicator is deep into the oversold levels (9%), moreover, it is in a generally downward direction. The gap between the Simple Moving Averages has begun widening signaling that bear pressure will dominate in the medium-term.
A key resistance level is highlighted at $1.2 and will limit the gains slightly below the moving averages. Above this level, IOTA price will encounter more resistance at $1.30 (upper short-term supply zone), which could open the gate for higher corrections towards $1.5. The bulls, on the other hand, must continue to put their best foot forward and prevent declines below $1.1. A drop to the major support area at $1.0 could break down for IOT/USD to sink further down into the $0.9 range.
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