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Crypto Technicals: IOT/USD hovers around strong trendline support at 0.2585, 'Death Cross' to keep bearish momentum

IOT/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.2350 (Apr 26 low); Resistance: 0.2807 (21-EMA)

Technical Analysis: Bias Bearish

IOT/USD trades marginally lower on the day at 0.2560 at 06:00 GMT.

Momentum studies are highly bearish, scope for further weakness.

The pair hovers around major trendline support at 0.2585. Decisive break below will see further downside.

Technical indicators support downside. Price action below cloud and major moving averages.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) to plummet prices further.

GMMA indicator and parabolic SAR support weakness in the pair.

Next immediate support lies at 0.2350 (Apr 26 low) ahead of 0.2075 (Dec 15 2018 low).

5-DMA is immediate resistance at 0.2612. Bearish invalidation only above 200-DMA.
 

By Anupama Grandhi
  • Market Data
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