- IOTA down 12% on a daily basis and 40% in 7 days time.
- The technical correction may be deeper than expected.
IOTA is changing hands at $0.6858 at the time of writing. Over the recent 24 hours, the coin shed over 12% of its value, turning from a growth leader to a total outcast. While a correction has not come as a surprise, the size of has caught many off hand.
From a technical point of view, a sustainable decline below $0.700 handle looks gloomy, while a downward bias against BTC suggests that the worst is yet to come. The coin may lose ground in the days to come with the first critical target at $0.48 (longer-term timeframe). That’s where fresh buying interest is likely to appear and push IOT/USD to the upper border of a broad channel at $0.79.
IOTA’s average daily trading volumes are back below $100M ($82M to press time as compared to $130M on Tuesday). The coin is most actively traded on Bitfinex.
IOT/USD, 4-hour chart chart
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