IOTA sees downward pressure as altcoin sell-off continues

IOTA price could drop to lows of $0.23 if bears tighten their grip on short term action in the current phase of crypto sell-off IOTA is trading lower on the hour, mirroring the negative trend engulfing the majority of the crypto market. The technical picture for IOTA on the daily and 4-hour charts suggests bears are refusing to give bulls any chance.

To prevent a retest of the lower trendline of the aforementioned pattern, bulls need to keep prices above the 50-SMA and 200-SMA (daily chart). However, a surge in buying pressure for IOTA coupled with a decent run for altcoins, in general, could hand bulls the chance to invalidate the bearish setup and force sellers to abandon their short term plans.

Timeline of Iota