This website uses cookies to ensure you get the best experience on our website

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020