- The long-term outlook is in a bearish trend.
- A retest at the 50-EMA is imminent.
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 in a bearish trend. The bullish pressure on price was sustained at the opening of the week with a push to $0.4795 in the supply area. This was higher than the previous week high at $0.4677 on 16th May. The close of the daily candle with a long wick implied bullish exhaustion hence the failure of the cryptocurrency making a new high in the week.
IOTA dropped initially to $0.3753 on 22nd May breaking the 10-EMA and later to $0.3591 in the demand area on 23rd May.
The stochastic oscillator signal points down at 53% while price back down at $0.3756 below the 10-EMA after a minor push to $0.4124 in the supply area by the bulls.
$0.3600 in the demand area is the bears’ initial target and $0.3300 as second take profit as the bears’ pressure becomes stronger and more candles opened below the 10-EMA in the days ahead.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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