Under the influence of this descending trendline, the IOTA coin price lost 32% over fortnite hitting the $0.68-0.6 support. The IOTA buyers failed their second attempt to breach the high swing resistance of $3.42 on Feb 16th. Amid the intense sell-off in the crypto market, the coin chart formed six consecutive red candles, which tumbled the altcoin by 27.5%, bringing it to $2.44. However, the long-tails candle at this support hints the buyers are defending this level with vigor. Can bulls follow up on this rejection, or bears continue their correction? Key technical points: IOTA price obtains strong support from 20-day EMA The 24-hour trading volume in the IOTA coin is $43.6 Million, indicating a 19.7% rise. Past Performance of IOTA The IOTA/USDT technical chart displays a descending triangle pattern in the daily time frame chart. The pattern’s descending trendline started way back from April 2021 top. Since then, the price action has respected this resistance and $0.6 neckline support. Amidst the January bloodbath and geopolitical issue, i.e., the Russia-Ukraine war, the pair has tumbled by 50% from the beginning of 2022, bringing it to $0.6 support. Source-Tradingview IOTA Technical Analysis The IOTA price trades at the $0.73 mark by press time, indicating an 18% gain from $0.6 base support. Furthermore, the buyers attempt to breach the descending trendline, which would be the first signal to recovery. The IOTA chart shows a...
Shiba Inu Signals Potential Price Surge Soon
