IOTUSD Price Analysis – June 20
IOTUSD is at the early stages of a trend resumption phase after a sell-off and the best cause of action is for traders to participate from the dips. The pair is trading within a bullish breakout pattern and the bulls are in control of the momentum.
Demand Level: $0.5557, $0.4715
Supply Level: $0.4040, $0.3714
IOTUSD Long term trend: Mixed
Data from the chart suggests that IOTUSD is stable and up to a positive percent for most of the days of the week except today. The previous trajectory is an upward momentum but again today down with high volatility.
Buying could later speed up the progression upward move above the close by swing on the level at $0.4420 where further buy stops might get triggered. The overall trend for the long term remains bullish after having found demand on the level at $0.4077 in the current session.
IOTUSD Short term trend: Bearish
On the flipside, the success of the IOTA bulls largely depends on the strength of the underlying momentum. Conversely, losses may see the pair tumble to the level at $0.4040 by about 10 percent.
The cryptocurrency is still unable to move above its key demand levels and the short term chart shows that it may see short term gains to the downside as well.
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