IOT/USD: Bears take over in the short term while overall sentiment remains bullish – Technical Analysis

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  • IOT/USD market is trading for $0.275 as the bulls thwarted the bears this Friday.
  • While overall sentiment remains bullish, the bears have taken over the market in the short term.

IOT/USD is dragging along at $0.275 as bears took over the market this Friday. Short-term market indicators show bearish domination while the overall sentiment remains bullish.

IOT/USD daily chart

  • The last session is bullish and is looking to break past the resistance offered by the downward trending line. Bulls will look to breach resistance at $0.295/
  • The moving average convergence/divergence (MACD) histogram shows a bullish movement, even though it lacks momentum.

IOT/USD 4-hour chart

  • The IOT/USD 4-hour chart forms a triangle which is prime for a breakout.
  • The last session was bearish, but it is still floating on the upper half of the 20-day Bollinger band. 

IOT/USD hourly chart

  • The 50-day simple moving average (SMA 50) is trending above the SMA 20 curve which is signaling a sell sign.

Key Levels

  • Resistance 3: $0.28241
  • Resistance 2: $0.27891
  • Resistance 1: $0.27466
  • Pivot Point: $0.27116
  • Support 1: $0.26691
  • Support 2: $0.26341
  • Support 3: $0.25916
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