IOTAUSD Long-term Trend -Bearish
Supply zone: $2.0000, $2.2000, $2.3000
Demand zone: $1.4000 $1.3000, $1.2000
Iota is in a bearish trend in the long-term outlook. After making a bullish move to the supply area at $2.0267 on June 3rd, the cryptocurrency has been dropping. This is due to momentum loss by the bulls for a continuous upward push.
The bears' strong momentum and pressure have kept pushing price down and breaking major demand areas of $1.7455 and $1.6295 respectively. Price is below the 10 and 50-day EMAs which implies a strong bearish pressure.
The stochastic oscillator is at 46 percent and it signals points down which connotes downward momentum, which is due to bearish activities.
The bears' presence and pressure are likely to increase in the long-term leading to more bearish candles formation below the two EMAs. The bears' target in the long-term is the demand area at $1.3920, but first, a break of the $1.4250 demand area will further justify the bears determination for the smooth journey to the south.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research