Technical Analysis for IOTUSD for 11th November 2022
IOTA Bulls Steady Prices, IOT Resistance at $0.23 Marking Q3 2022 Lows
Past Performance of IOTA
IOTA Technical Analysis
The immediate resistance and support lines are at $0.23 and $0.19, respectively. Even though there is a bullish engulfing bar reversing losses of November 9, there must be conviction from traders. This determination to plug the bleed and steady prices will be once there are strong gains to within Q3 2022 trade range. Conservative traders can take a wait and see approach until buyers break above Q3 2022 lows, now support; confirming November 10 gains. On the reverse side, as long as prices are below $0.23, aggressive traders can unload IOT, targeting $0.19 in the short term.
What to Expect from IOTA
Sellers are in control but the bounce on November 10 is encouraging. Nonetheless, there must be reversals above Q3 2022 lows (resistance) and into October 2022 trade range for buyers to find their footing. Any contraction from yesterday’s low, back to within November 9 trade range will embolden bears.
Resistance level to watch: $0.23
Support level to watch: $0.19
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