MIOTA/USD Long-term Trend -Bearish
Supply zone: $2.1000, $2.3000, $2.5000
Demand zone: $1.8000 $0.6000, $1.4000
IOTA continues in a bearish trend in the long-term outlook. Last week long-term analysis played out well as IOTA breaks the $1.3200 demand area and got to afresh demand area at $1.1500.
The bears kept the momentum strong as they ensure new lower lows for the cryptocurrency. Price is still below the two EMAs and no sign for a reversal in sight. This week opening price was $1.2085 compared to last week opening price of $1.6983. This implies more sellers are on the ground to further push price down south.
The stochastic oscillator is in the oversold region at 10 percent. It signals are points down. This implies downward momentum continuation. This means that downward movement in IOTA price will be seen in the long-term.
The formation of a bearish doji suggests a reversal. It, therefore, implies that we may likely see some pullbacks by the bears within the week but the overall trend still remains bearish. $1.0900 in the demand area may be the bears' target in the long-term.
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