IOTA: The breakdown leads to heavy losses
- IOTA breaks down of a key ascending trendline.
- More than 20 pct downside if sustained here.
IOTA, the only outlier in this recent upsurge in the crypto world, has yet again failed to capture the bull rally and in fact has even given a break down of a key ascending trendline that may result in prices cracking further into bear territory.
IOT/USD is down more than 4 percent on day at $0.307, recovering a bit from the day's low. On the 480-minute chart of this battered coin, it has fallen off this ascending trendline that has helped prices stay afloat from February lows.
Real test for the bulls as well as bears would be the range of $0.286-0.291. Below this range 20 percent more fall can easily be seen in the prices.
IOT/USD 480-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.
