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 losses weren’t as severe. From the daily chart, IOT fallout began on November 8. At spot rates, the coin is up 20 percent from this week’s lows. Still, there is a lot of convincing for buyers because IOT, like most crypto assets, is within a bear breakout formation, clear in the daily chart. As long as prices are below September lows, sellers have the upper hand and IOT may turn around, shrinking to this week’s lows.
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
Disclaimer: Opinions expressed are not investment advice. Do your research.
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