Dominant bias for IOTA (IOT)- Bearish
Resistance Levels- $0.5400, $0.5600, $0.5800
Support Levels- $0.4400, $0.4200, $0.4000
IOTA is in a bearish trend. $0.44205 in the support area was the low of the day as the strong bearish pressure took over the cryptocurrency before losing momentum as the session came to a close yesterday. The bullish railroad formed after today’s opening pushed MIOTAUSD to $0.4575 in the resistance area.
Currently, the flag is been formed due to the bullish momentum that is pushing the cryptocurrency price up. Caution should be exercised as this is a pullback and buyers trap. The bears are still that are present and a strong comeback that will bring about a new low is imminent.
With IOTA price below the 34-EMA and more candles formed and close below it, $0.4400 may be tested that may open up $0.4300 in the support area.