Technical Analysis for IOTUSD for 28th June 2022
IOTA Upsides Limited, Resistance at $0.32
Past Performance of IOTA
IOTA prices are printing lower lows, dropping two percent in the last 24 hours. Technically, there are hints of strength following gains from June 20. However, the cool-off from last weekend, an indefinite trend, and shrinking trading volumes point to market uncertainty. At spot rates, IOTA remains under pressure in a broader bear breakout pattern.
IOTA Technical Analysis
Despite optimistic buyers, IOTA is still bearish. After rising 33 percent from 2022 lows, buyers are yet to breach the 20-day moving average—a dynamic resistance level. Besides, IOTA pieces are rebounding from the 61.8 percent Fibonacci retracement level of the June 1 to 18 trade zone. In the days ahead, buyers can wait for the reversal of June 26 losses above $0.32 to load, targeting $0.38. If not, further confirmation of the weekend's losses may force IOTA lower towards $0.23 in a bear breakout continuation pattern.
What to Expect from IOTA
The failure of IOTA bulls to break above the middle BB and $0.32 questions the strength of the uptrend. As such, further losses to mirror losses of June 26 below $0.27 could trigger more sell-offs.
Resistance level to watch: $0.32
Support level to watch: $0.27
Disclaimer: Opinions expressed are not investment advice. Do your research.
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