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IOTA price analysis: Finds long term support and falling wedge in the making

  • IOT/USD finds support exactly where it found it earlier.
  • Falling wedge in the making, a bullish sign.

IOTA bulls have got relief from a long term support that has helped it bounce back many times in the past. Shot in the arm for bulls has come  from a falling wedge in the making on the long term  charts, especially at a time when all seemed to have lost in the crypto world.

IOT/USD is the biggest gainer of the day with nearly 3 percent gains at $1.039. On the daily chart, the formation of falling wedge is a blessing for the bulls who had lost all hopes when prices were falling like nine-pins.

If the prices break out of this falling wedge then the target would be somewhere around $2.90-$3.10. Immediate resistance for this breakout is around $1.18.

IOT/USD daily chart:

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