Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.3612 (21-EMA); Resistance: 0.4007 (5-DMA)

Technical Analysis: Bias Bearish

IOT/USD extends grind lower, trades at 0.3746 at 12:00 GMT.

The pair has breached 5-DMA and is currently holding support at 21-EMA.

Technical indicators on the daily charts are turning bearish.

Stochs and RSI have rolled over from overbought territory and are biased lower.

MACD is on verge of bearish crossover on signal line which if confirmed will add to the bearish bias.

Break below 21-EMA will see weakness. Scope for test of 200-DMA at 0.3185. Retrace above 5-DMA (0.4007) negates bearish bias.

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