The IOTA Technical Analysis displays a falling trend within a bearish channel, leading the market value to the $0.22 mark. The IOTA price action, the bearish breakout rally of the $0.35 support level, inchoates the shape of a bearish channel. However, the double bottom forming at the support trendline lights a bullish hope. So, will this prolonged correction reach the $0.22 support level, or is a bullish reversal possible? Key Points: The IOTA prices show a bull cycle heating up at the support trendline. The double bottom can result in a bullish breakout. The intraday trading volume in IOTA is $15.44 million. Source – TradingView IOTA Technical Analysis The IOTA price action displays a post-retest reversal of the $0.35 breakout, accounting for a drop of 17% last month. As per the technical chart, the 50-day EMA moves along with the resistance trendline influencing further bearishness over the price trend. Currently, the price trend displays the lateral move over the support trendline, projecting a possible bullish reversal. Additionally, the price action shows a double bottom pattern with a neckline at the $0.26 mark, which signifies the beginning of a bull market. Therefore short-term traders can expect a long entry opportunity to ride the bull cycle within the falling channel. However, traders hoping for a bullish breakout must wait for the prices to close above the resistance trendline after beating the 50-day EMA. With an ...
