IOTA price analysis: This triangle breakdown has deeper target

IOTA broke down of a triangle earlier this week.
Downside target of this breakdown is deeper.

Manoj B Rawal Independent Analyst

IOTA broke down of a key triangle on the charts and opened with gap down, on Thursday this week resulting into prices continuing to remain under pressure ever since, with targets of this breakdown heading deeper.

IOT/USD is up more than 2 percent on day at $0.507, around high point of the day. On the 240-minute chart of the crypto, there was a triangle formation and bears managed to take it lower on Thursday with a gap down opening, resulting into a breakdown with target towards $0.40, about 20 percent lower from current price.

On the upside, it has stiff resistance around $0.53 and then around $0.58, won't be easy for the bulls to cross past.

IOT/USD 240-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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