IOTA technical analysis: Sell the bounce, as bears still eye 0.2550/25 support area


  • Sellers retain control, as the recovery lacks momentum.
  • Coin awaits catalysts for fresh near-term trading impetus.

IOTA (IOT/USD), the 17th largest cryptocurrency, is the main laggard amongst the top 20 widely traded cryptocurrencies, having lost nearly 7% over the last 24 hours. Despite the sharp declines, the coin risks further downside in the near-term amid bearish technical setups on different time frames, and therefore, any rebound is likely to be sold-off at higher levels. At the time of writing, IOT/USD trades near 0.2850 region, with the current market capitalization of $792 million and an average trading volume of $86 million.

IOT/USD, 1-hour chart

 

  • The coin remains bearish after ascending triangle breakdown on hourly sticks.
  • Risks falling further to 1.2525/00 levels (pattern target) on a breach of the upward sloping 200-hourly Simple Moving Average (HMA) at 1.2708.
  • Hourly Relative Strength Index (RSI) turns north from the oversold territory, suggesting a likely bounce.  
  • Any rebound is likely to run into key resistances stacked up in the 0.2920/30 area, where 21 and 100-HMA converge.
  • If the bulls manage to regain the last, the next supply zone will be seen at 0.2970/90 levels.

IOT/USD Daily chart

 

  • The symmetrical triangle bullish breakout on daily sticks appears to lack follow-through.
  • Sellers continue to lurk near 0.3110 region, where the bearish 100- Daily Simple Moving Averages (DMA) lies.  
  • Daily Relative Strength Index (RSI) is seen piercing the 50 level from above, pointing to more losses ahead.
  • Therefore, the descending trendline resistance-turned-support near 0.2600 remains on sellers’ radar.
  • A failure to resist the last, the next support around 0.2560 (confluence of 21 and 50-DMA) will be tested.  

IOT/USD Levels to watch

IOT/USD

Overview
Today last price 0.28554
Today Daily Change -0.00716
Today Daily Change % -2.44
Today daily open 0.29295
 
Trends
Daily SMA20 0.2558
Daily SMA50 0.25745
Daily SMA100 0.31136
Daily SMA200 0.32857
 
Levels
Previous Daily High 0.3154
Previous Daily Low 0.29062
Previous Weekly High 0.31587
Previous Weekly Low 0.24341
Previous Monthly High 0.3
Previous Monthly Low 0.22
Daily Fibonacci 38.2% 0.30009
Daily Fibonacci 61.8% 0.30593
Daily Pivot Point S1 0.28391
Daily Pivot Point S2 0.27488
Daily Pivot Point S3 0.25913
Daily Pivot Point R1 0.30869
Daily Pivot Point R2 0.32444
Daily Pivot Point R3 0.33347

 

 

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