IOTA stuck in a downward spiral
|- IOTA price stuck in a downward sloping channel.
- Break on the downside would lead to uncharted territory.
IOTA has stuck itself into a downward sloping parallel channel where it is sitting just at the cusp of the lower line of the channel, a break below would be catastrophic as then it would be an unchaarted territory and probably all time lows too.
IOT/USD is up more than 2 percent on day at $0.2336 just around high point of the day. On the 480-minute chart of this crypto that has lost more than 95 percent of its value from the top, it is stuck in a lower low, lower high, downward sloping parallel channel.
While that itself is negative for the prices, what's more disturbing is that the price is exactly at the lower end of the channel and if broken convincingly, it would head all the way towards its last year low of $0.14 and then it would be towards uncharted territory where only new bottoms could be formed.
IOT/USD 480-minute chart:
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