Manoj B Rawal
Independent Analyst
- Short term chart shows a breakout.
- Needs volume driven momentum to sustain the breakout.
IOTA price broke out of a falling wedge pattern on the short term charts, but lacks volume based momentum to sustain this breakout, or else it could result into a false breakout and prices can fall back into the wedge.
IOT/USD is trading 0.8 percent lower on day at $2.2734 and down from the day's high of $2.319 after breaking out of a falling wedge on the 15-minute chart at a breakout point of $2.27, which is where the price is trading currently and risks falling back into the wedge, which may lead to the breakout being false.
Immediate support for IOTA now stands at $2.7, which needs to hold or else the next major support is as low as $2.15 - 21 days simple moving average on the daily.
IOT/USD 15-minute chart:
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