IOTA is a popular cryptocurrency for this market. But, the feeless microtransactions shows little signs towards a bullish price recovery. Let’s do a top-down analysis of this crypto, paired against the USD and see the patterns driving the current price cycles.
Technical Analysis of IOTUSD
IOTUSD: Monthly Chart
The rush for cryptocurrencies in 2017 led to IOTA trading at its highest high of 1MIOTA to $5.80. All hope for a further rise in price was nullified after a bearish inside bar was signaled on January ’18, which led to the price crashing down by 88.30% from the inside bar.
As the bearish trend continued, the monthly chart continued to trigger bearish price patterns in the form of bearish accumulation on July’18, and September ’18 respectively.
Read the full Technical Analysis of IOTUSD