IOTAUSD Price Analysis – July 6
The pair has managed to stay afloat after a bearish run towards the south side, and the IOTAUSD has continually been on a downward swing due to the volatility of the market taking it lower from the level at $0.50508 towards the level at $0.37139.
Supply Level: $0.22994512, $0.33403757, $0.37139441
Demand Level: $0.57676740, $0.49565369, $0.45113820
IOTAUSD Long term Trend: Bearish
The price of IOTAUSD is moving in a narrow range between the demand zone on the level at $0.45113 and the supply zone on the level at $0.37139, but more to the south side indicating that the bears have continued to take charge.
This scenario shows that the market has confirmed its breakout through the previous day’s low after trading below its intraday, selling could accelerate should price move below the close-by swing low on the level at $0.33403.
IOTAUSD Short term Trend: Bearish
The IOTAUSD is trading close to the key technical supply zone on the level at $0.37139, despite a weak opening the cryptocurrency may manage to close above prior day’s open toward the level at $0.39942.
The trend is bearish and showing an intact downtrend in the medium and short term and may continue until a breakout occurs in the near term.
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