Technical Analysis for IOTUSD for 28th February 2022
IOTA in a Bear Breakout Pattern, Bulls Hold Firm above $0.60
Past Performance of IOTA
There is a three-bar bullish pattern signaling strength—a positive development for buyers. Still, IOTA is within a bear breakout pattern, even with recovery hints in lower time frames. At spot rates, IOTA bulls may be steady. However, provided prices are trending below $1, bears have the upper hand. From the IOTUSD price action, the immediate support is around $0.70.
IOTA Technical Analysis
Aforementioned, IOTA is within a bear breakout pattern. Bears have the upper hand as long as prices are below $1. As such, every high may offer entries for sellers targeting $0.60—H2 2021 lows. Based on the candlestick arrangement in the daily chart, there might be room for risk-off traders to double down above $0.85 as the resulting reversal prop determined buyers targeting $1. If there is a sharp reversal from spot rates below $0.70, IOTA may crater back to $0.60 in a resumption of the bear run set in motion from February 10.
What to Expect of IOTA
There are clear lower lows in the daily chart, swinging price action for IOTA sellers. Despite the optimism and market-wide recovery, bears may seize every expansion towards $1 to unload.
Resistance level to watch: $1
Support level to watch: $0.70
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