Crypto Technicals: IOT/USD pauses downside, finds strong support at 55-EMA (0.2732)

IOT/USD chart - Trading View

Exchange - Bitfinex

Support: 0.2732 (55-EMA); Resistance: 0.2970 (110-EMA)

Technical Analysis: Bias Neutral

IOT/USD was trading 3.75% higher on the day at 0.2888 at 07:30 GMT.

The pair has paused 2 straight sessions of downside, finds strong support at 55-EMA at 0.2732.

Upside was capped at daily cloud top and decisive breakout required for further gains.

On the day, price action remains capped between 55 and 110 EMAs. Break above 110-EMA will see test of 21W EMA at 0.3068.

GMMA has shown a shift in trend as short-term moving averages have shown a break above long-term moving averages.

Compression also seen in the long-term moving averages, which suggests possibility of shift in major trend to bullish.

For the near-term, break above 21W EMA could see gains till 200-DMA at 0.3285. Breakout above 200-DMA to see upside continuation.

On the flipside. break below 55-EMA to see more downside. Break below cloud will see dip till 0.2200 (Aug 15 low).

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