IOTA price analysis: IOT/USD retreats below $0.2000 amid growing bearish pressure
- IOTA has to the area below $0.2000 after losing 5% on Tuesday
- IOT/USD may be vulnerable to further losses.
IOTA has continued its trip to the South. The 20th largest digital asset topped at $0.2120 on Monday and retreated all the way down to $0.1822 on Tuesday. At the time of writing, IOT/USD is changing hands at $0.1985. The coin has lost 3.5% on a day-to-day basis and over 35% in the latest month.
From the fundamental point of view, there are little reasons for the sell-off. Basically, IOT/USD is moving in sync with the market and respond to local technical factors.
IOTA's technical picture
IOTA's recovery is capped by the middle line of the daily Bollinger Band at $0.2088. This barrier is closely followed by a $0.2100 area. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.22. However, the critical resistance awaits IOTA bulls on approach to $0.2400. This area is reinforced by SMA50 (Simple Moving Average) daily. Notably, the coin has been trading l=below this line since the beginning of November.
On the downside, the local support is created by the lower line of the Bollinger Band at $0.1950. It is followed by the intraday low of $0.1822 and a psychological $0.1800.
IOT/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
