IOTA Technical Analysis: IOTA/USD big bullish pennant eyed, just a matter of time for a breakout

IOTA price suffered on Friday, losing further momentum after a good start to the trading week.
IOTA/USD moving within a big bullish pennant pattern eyed on the daily chart.

Ken Chigbo Independent Analyst

IOTA/USD 4-hour chart

Spot rate: 0.7174

Relative change: -0.35%

High: 0.7518

Low: 0.6740

Trend: Bearish

Support 1: 0.6706-0.6520, chunky demand area.

Support 2: 0.6256, 50DMA & top area on 27th August.

Support 3: 0.5634, 100DMA.

Resistance 1: 0.7200. upper part of pennant pattern.

Resistance 2: 0.7430, resistance on 4-hour chart.

Resistance 3: 0.7945, top area 29th August & supply area.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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