Tanya Abrosimova
Independent Analyst
- IOTA continues to develop downside correction, $2.00 handle looms large.
- Market is driven by technical and speculative factors amid lack os solid news.
IOTA has lost over 5% since the start of the day. The coin dipped as low as $2.08 before recovering to $2.15. On the intraday level, further upside may be limited by $2.20 (200-SMA visible on the hourly chart), once this short-term resistance is taken out the upside correction may be extended towards more solid resistance at $2.3.
IOTA is now the 9th largest digital coin by market value with trading volume registered at $97M. It is three times lower than on May 3, when IOTA reached its multi-month high at $2.6977.
IOTA price has been sliding for the fifth day in a row, dragged lower by generally bearish crypto market momentum, though the forceful correction is justified by strong growth in April. The coin returns to normal conditions from highly overbought levels.
Meanwhile, IOTA Foundation schedules Trinity Wallet audit on May 13, which is not supposed to be a great market-moving event. Sentiments and speculations are the main drivers of the cryptocurrency markets now and IOTA is no exception here.
IOT/USD, the hourly chart
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