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IOT/USD chart - Trading View
Exchange - Bitfinex
Support: 0.2618 (50-DMA); Resistance: 0.2896 (110-EMA)
Technical Analysis: Bias slightly bearish
IOT/USD extends weakness for the 2nd straight session, bias bearish.
Upside in the pair has been capped below 110-EMA, technicals are turning bearish.
RSI is biased lower, has slipped below 50. Stochs are on verge of rollover from overbought.
Major trend as shown by the GMMA indicator has gone flat, volatility is low and shrinking.
Price action is holding above daily cloud. Break below and violation at trendline support at 0.2520 will open up downside.
On the flipside, break above 110-EMA to change bias to bullish. Next hurdle on the upside lies at 23.6% Fib at 0.2990.
