- IOTA has resumed the price fall today; with increased bearish impact
- The coin has recently broken below $0.1946, the key support level
- The lower high pattern may continue if the coin fails to start a price rebound
- Technicals are in the negative zone while the IOTA currency has just formed a bullish candle
The day before yesterday’s price fall has caused the IOTA coin to struggle for a price recovery. Notably, since today morning, the currency has been forming a lower high pattern showing a bearish sign for the price trend. The leading cryptocurrency Bitcoin is also a victim of the bearish crypto market.
IOTA Signals Potential Dip Toward $0.192
IOTA has traded below a recently formed support level today, continuing the bearish drop. Yesterday, the coin saw an opening price of $0.201 before escalating above $0.203. As it saw a steep resistance there, it faced a strong pullback of more than 4%. Tumbling as low as $0.194, the coin found a support level to recover its loss in valuation. While rebounding, IOTA has traced a head and shoulder pattern.
The recovery couldn’t cross the $0.20 mark, and the coin proceeded to form a lower high pattern. At 08:48:36 UTC, the IOTA price is trading at $0.1940.
The short-term SMA line is below the long-term SMA line noting a negative price movement. The MACD indicator is in the bearish zone with its MACD line on the downside. The coin is still trading with low momentum while it bares a selling pressure.
According to the IOTA Predictions, the IOTA coin can come across the resistance levels at $0.2007, $0.2028, and $0.2047, while its support levels stand at $0.1967, $0.1948, and $0.1927.
