IOT/USD Long-term Trend -Bearish
Supply zone: $1.6000, $1.8000, $2.0000
Demand zone: $0.800 $0.4000, $0.2000
Iota continues in bearish trend in the long-term outlook. The bears target of last week analysis at $1.0900 in the demand area was achieved and nicely broken by the bears. The bears' pressure was strong as we saw the cryptocurrency making a new low ever since inception at $0.8842 in the demand area.
Price is below the two EMAs crossover and the two EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend. It implies that we may see more bearish momentum as the week progresses.
This week opening price was $1.0600 compared to last week opening of $1.2100. This implies the cryptocurrency price movement may go south.
The stochastic oscillator is in the oversold region at 7 percent. It signals points down. This suggests downward momentum continuation in price of the cryptocurrency.
Although pullbacks may occur they are a correction for downtrend continuation.
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