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IOTA remains bearish is it destined to fail?



The IOTA price trend remains bearish. Most recently, there was a bearish rejection at an important Fibonacci level. Does the IOTA price still have any bullish chances?


Bearish rejection of Golden Ratio resistance in September

The month before last, the IOTA price was strongly rejected at the golden ratio at USD 1.9. In the following month, the IOTA price ricocheted off the golden ratio support at around 1.1 USD, and then rose to the 0.382 Fib level at 1.5 USD. At this level, IOTA experiences another bearish rejection this month. The IOTA price also establishes a “lower high”, which confirms the bearish trend. Since the high point at the beginning of the year, IOTA has been in a clear downward trend.


Weekly course clearly shows the rejection, but shows clear levels of support


Although the bearish rejections at the Fibonacci levels cannot be dismissed out of hand, the IOTA rate also finds support at important Fibonacci levels. In addition, the 50-week EMA has played a major role in recent weeks, as it has been providing strong support since August. Overall, however, IOTA is rather bearish here too and the MACD lines are about to cross over in a bearish manner, while the histogram degrades in a bearish manner. If the 50-week EMA is broken bearishly at USD 1.09 and IOTA falls below the golden ratio at USD 0.97, IOTA will only find support again at around USD 0.6.


IOTA price also clearly bearish in the daily chart

There is still a golden crossover in the daily rate, which was only established in September. Basically, this is very bullish. In addition, the 200-day EMA seems to be able to serve as a support for the past two weeks. Nevertheless, the MACD is bearish and IOTA forms a series of “lower highs” and “higher lows”. Should IOTA break out bullish and break the Fib resistance at USD 1.5, it will find its next resistance at around USD 1.9. Only when this is broken can IOTA rise to its last high at around USD 2.7.


A Death Cross could be imminent in the 4H course

In the 4H chart, the EMAs are on the verge of a death cross, which would confirm the bear trend in the short to medium term. The MACD, on the other hand, is currently showing a bullish trend. So IOTA has a good chance of going up in the middle of its downtrend.


Against BTC, the IOTA price trend is clearly bearish

Against BTC, the IOTA course is at an important support. At currently 0.00002087 BTC, IOTA currently encounters strong support and should this break, IOTA will find the next support at 0.000008 BTC at the latest. Overall, the indicators in the weekly rate are rather bearish and the daily rate is also bearish. Because there is a death cross, which bearish confirms the trend.


Disclaimer of liability

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general informational purposes only. Any action that the reader takes based on the information found on our website is entirely at your own risk.

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