Crypto Technicals: IOT/USD capped at 21-EMA, no respite from bears yet

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.2200 (Aug 15 low); Resistance: 0.2542 (21-EMA)

Technical Analysis: Bias Neutral

IOT/USD capped at 21-EMA, extends sideways grind. Major trend in the pair is bearish and we see no respite from bears yet.

Great potential for the crypto seen. Recently, IOTA has reported collaboration with Automobile manufacturer Jaguar Land Rover and French energy research and development center, Engie Lab Crigen.

The objective was to trace the car energy with Distributed Ledger Technology, to show people both the source and utilization of a Jaguar I-Pace’s energy.

IOT/USD was trading largely rangebound at 0.2477 at 07:20 GMT, intraday bias bearish.

Price action is below cloud and major moving averages. Volatility is low. Momentum with the bears.

Bullish divergence on RSI and Stochs keeps scope for upside in the pair. Break above 21-EMA will see gains.

Next major resistance lies at trendline at 0.2675 ahead of daily cloud at 0.2838 and then 23.6% Fib at 0.2990.

Breakout at 200-DMA (currently at 0.3318) will see bullish continuation.

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