- The bears are in control of the long-term outlook of the cryptocurrency.
- $0.2500 in the demand area is on the card.
IOTA/USD Long-term Trend -Bearish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA long-term outlook is a down-trending market. The breakdown in price at the lower demand area of the range on 10th July signaled the beginning of the downward journey. $0.4359 was the point the bears stepped in and pushed price initially down to $0.3298 and later to $0.3225 the low of the week on 11th July.
Although a retest of the broken lower price area occurred and price shot up to $0.3718, the bears’ pressure remained strong as price drops further down to $0.3230 at the close of the week.
The tweezer top formed at the closed of the week signaled bearish continuation in the days ahead. This was obvious with the week opening at $0.3454 and the coin already down to $0.3107 in the demand area.
Price is below the two EMAs and the signal of the stochastic oscillator points down at 17% in the oversold region an indication of downward momentum in price in the long-term with $0.2500 as the initial target by the bears.
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