- The long-term outlook is in downtrend trend.
- The bears may retest $0.2500 in the supply area is on the card.
IOTA/USD Long-term Trend -Bearish
Supply zone: $0.6000, $0.7000, $0.8000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA long-term outlook remains a down-trending market. The downward price movement due to the bears’ pressure was strong with the coin plunging to $0.2515 in the demand area on 16th July. This was a15pips away from the target at $0.2500 predicted in last week article.
With the inside bar formation of 17th July, the bulls stage a comeback with the cryptocurrency up at $0.3491 in the supply area but end the week with as an inverted hammer an indication of exhaustion.
Price is below the two EMAs as the week opened on a bearish note at $0.3194. This is at the 38.2 fib area a trend continuation zone suggesting a continuation in the coin downward movement in the long-term with $0.2500 as bears target.