IOTA Price Forecast: IOT/USD sold-off amid rising wedge breakdown, bearish RSI divergence


  • IOT/USD slides as technical set up turns in favor of bears.
  • Sellers target 100-HMA support amid bearish RSI.
  • 21-HMA to limit the recovery attempts in IOTA.    

IOTA (IOT/USD) stalls the sharp sell-off to 0.2515, as the bears take a breather before the next push lower.

As observed on the hourly chart, the coin came under fresh selling pressure from near 0.2670 region after a death cross got confirmed early Sunday. The bearish crossover appeared after the 200-HMA pierced the 50-HMA from above.

Also, the price-Relative Strength Index (RSI) bearish divergence added credence to the downside.

The sell-off gathered traction after the bears took out the 21-hourly Simple Moving Average (HMA) support, then at 0.2598.

Subsequently, the downside pressure intensified, validating a rising wedge breakdown below the rising trendline support at 0.2575. Further south, the price penetrated through the critical 50 and 200-HMA.

At the moment, the price has recaptured the 200-HMA at 0.2536, now flirting with the 50-HMA at 0.2569 on the road to recovery.

The tepid bounce can be attributed to the upturn in the hourly RSI, currently at 45.29. The next upside resistance is seen at the pattern support now resistance at 0.2580.

The bearish bias remains intact so long as the spot holds below the 21-HMA.

To the downside, the daily low could be retested should the sellers regain control, below which the floors open up towards the 100-HMA at 0.2494  en route the pattern target of 0.2302.

IOT/USD: Hourly chart

fxsoriginal

IOT/USD: Additional levels to consider

IOT/USD

Overview
Today last price 0.25632
Today Daily Change -0.00786
Today Daily Change % -2.97
Today daily open 0.26425
 
Trends
Daily SMA20 0.27081
Daily SMA50 0.32582
Daily SMA100 0.29001
Daily SMA200 0.23484
 
Levels
Previous Daily High 0.26528
Previous Daily Low 0.25099
Previous Weekly High 0.272
Previous Weekly Low 0.23028
Previous Monthly High 0.44
Previous Monthly Low 0.2757
Daily Fibonacci 38.2% 0.25982
Daily Fibonacci 61.8% 0.25645
Daily Pivot Point S1 0.25507
Daily Pivot Point S2 0.24588
Daily Pivot Point S3 0.24078
Daily Pivot Point R1 0.26936
Daily Pivot Point R2 0.27446
Daily Pivot Point R3 0.28365

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin is a better investment vehicle than gold and institutional investors buy it

Besides the fear of missing out, a shift from gold to Bitcoin quickly picks up momentum among corporate investors as they now see it as a better store of value. More corporate investors turn to Bitcoin as Grayscale reports over 1billion added to its cryptocurrency funds in Q3 2020.

More Bitcoin News

Overhyped Linkswap launch sends YFI and LINK soaring

Linkswap, a platform for automated market-making, has not been even launched, but its proprietary token YF Link (YFL) jumped by over 30% in the past 24 hours. At the time of writing, YFL is changing hands at $1,030.

More Chainlink News

OKEX withdrawals to trigger a massive volatility spike on the cryptocurrency market

OKEx, one of the world's largest cryptocurrency exchanges, is ready to unlock a cryptocurrency withdrawal functionality on November 27. The trading platform users had to wait over a month until the company settled its legal issues and the Chinese police released one of its co-founders and a private key holder. 

More Cryptocurrencies News

Bitcoin final leg to $20,000 lingers, as crypto bull cycle rockets

Cryptocurrencies across the board had a memorable weekend session, with most of them rallying to new yearly highs. Ethereum, for instance, hit highs of $585 for the first time since 2018. On the other hand, Ripple brushed shoulders with $0.5.

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC makes new yearly highs while its network activity looks worrisome

Bitcoin has lived through the best week since February 2018. The pioneer digital currency price gained over $2,000 in less than seven days. The bullish momentum allowed it to reach a new multi-year high of nearly $18,800, marking November 2020 one of the strongest bullish months ever. 

Read the weekly forecast

BTC

ETH

XRP