IOT/USD Long-term Trend -Bearish
Supply zone: $1.0000, $1.6000, $1.8000
Demand zone: $0.4000 $0.2000, $0.0500
IOTA continues in a bearish trend in the long-term outlook. The strong bearish pressure was sustained thus leading to the brake of the bears target at $0.8500 of last week analysis. The cryptocurrency went further down and closes last week at $0.4948 in the demand area.
The bulls had a minor push to the upside at $0.9770 in the supply area but lost momentum and could not break the downward trendline and this made the bears stage a comeback.
Price is below the two EMAs and they are fanned apart which suggest strength in the context of the trend and in this case the downtrend.
The stochastic is in the oversold region at 6% and its signal point down which implies downward momentum in price of the cryptocurrency due to bearish pressure. A further downward journey may occur as the bears' momentum increases and more candles open and closed below the EMAs.
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