IOTA price analysis: Wedge breakout is here, but lacks momentum
|- Short term chart shows a breakout.
- Needs volume driven momentum to sustain the breakout.
IOTA price broke out of a falling wedge pattern on the short term charts, but lacks volume based momentum to sustain this breakout, or else it could result into a false breakout and prices can fall back into the wedge.
IOT/USD is trading 0.8 percent lower on day at $2.2734 and down from the day's high of $2.319 after breaking out of a falling wedge on the 15-minute chart at a breakout point of $2.27, which is where the price is trading currently and risks falling back into the wedge, which may lead to the breakout being false.
Immediate support for IOTA now stands at $2.7, which needs to hold or else the next major support is as low as $2.15 - 21 days simple moving average on the daily.
IOT/USD 15-minute 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.