- IOTA has lost 10% of its value since this time on Sunday.
- The daily picture looks gloomy, $0.20 may come into focus sooner there than later.
IOTA, one of the worst-performing coins of the year, slipped to the 14th place in the CoinMarketCap’s rating. At the time of writing, IOT/USD is changing hands at $0.2914, down over 10% on a day-over-day basis and losing about 2% since the beginning of Monday.
The coin with the market capitalization of $714M has lost over 20% of its value since the 1st of January.
IOTA’s technical picture
IOT/USD is moving within a long-term bearish trend with the downside pressure growing after $0.3000 handle gave in. While a sustainable move above this level will improve the picture, the ultimate resistance lies with $0.3100-$0.3120. It is created by a confluence of DMA50 and DMA20.
The sloping trend line at $0.3400 is likely to stop the recovery and throw the price back to the lower border of the channel unless the overall market sentiments improve strongly across the board.
On the downside, the bears focus on psychological $0.2900 and the recent low reached at $0.2890. Once this area is cleared, the sell-off may continue with the next target at $0.2720, which is low the lowest level of 2019. A sustainable move below this barrier will open up the way towards $0.20.
IOT/USD, daily chart
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