IOTA Price Analysis: IOT/USD deals with a devastating 6% plunge
- IOTA price breaks triangle support as bears take over.
- IOTA looks forward to bouncing off the immediate support at $0.2300.
IOTA has been dealing with choppy markets the entire week. Consolidation commenced following the failure to break the resistance at $0.255. The resistance has been impenetrable even though it has been tested on several accounts. IOTA also tried to sustain gains above the moving averages. However, the bulls have continued to increase their grip on the price.
IOTA’s 5.34% loss on the day is the largest followed by Ethereum Classic’s 5.83%. Meanwhile, the increasing selling activity during the European could be devastating for the community.
The rising triangle support that had been offering support has been broken. IOTA price continues to spiral towards the tentative short term support at $0.2300. There is a huge chance that $0.2300 will not hold the losses. In that case, the next anchor rests with $0.22, $0.20 and $0.18.
Technical observation using the RSI and the MACD displays an extremely bearish picture. Further downside correction is expected in this session. However, as the crypto becomes oversold, the next sessions could see a reversal.
IOT/USD 1-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
