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Crypto Technicals: IOT/USD breaks trendline support, little support till 0.2200

IOT/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.2200 (Aug 15 low); Resistance: 0.2513 (5-DMA)

Technical Analysis: Bias Bearish

IOT/USD was trading 1.65% lower on the day at 0.2428 at 11:00 GMT.

The pair is extending weakness for the 4th straight week, bias strongly bearish.

Price action has broken strong trendline support at 0.2465 raising scope for further downside.

Technical indicators are strongly bearish. RSI and Stochs are sharply lower and volatility is rising.

Upside remains capped at 21W EMA at 0.2830. Break above required for upside. 

The pair finds little support till 0.2200 (Aug 15 low). Break below could plummet prices to fresh multi-month lows.
 

By Anupama Grandhi
  • Market Data
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