IOTA: Still a long way into bottoming out process
|- Med-term finds strong resistance to retrace from.
- Long term support lingers, but not enough to incite a rally.
IOTA is one of those rare cryptocurrencies that has still not been able to bounce back sharply in shaking their heady bear market days off their shoulders as the price couldn't cross past medium term resistance while long term supports are holding up.
IOT/USD is trading about 2 percent lower on day at $0.2636 and trading in more than 5 percent range for the day - a good sign if it has to get into one trend from hereon. On the 480-minute chart, the coin has retraced from a descending trendline resistance, drawn from this month's high.
While that could have been temporary as almost all the other major cryptos too have taken a step back from their rallies, what has been a major concern for IOTA is that it hasn't been able to rally far enough, not even a golden cross or sustaining past its short term DMAs.
IOT/USD 480-minute chart:
IOT/USD daily chart:
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