IOTA price analysis: Key test in the immediate term, failure to hold would be a bad news for the bulls
- IOT cracking towards a key support.
- Should show a bounce or else more cracks may show up.
IOT price is correcting and is headed towards a key level in the immediate terms, which the bulls should be able to defend vigorousluy, failing which would result in far lower levels staring right the face of the bulls.
IOT/USD is down more than 9 percent at $1.80, near low point of the day. On the hourly chart IOT price is sitting close above the descending trendline, which it brok out of earlier and if broken again on the downside, could result in further lower levels.
On the daily chart too, the price is exactly at the 50 percent fibonacci retracement level of the entire rise from the April low to May high.
IOT/USD 60-minute chart: