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  • IOT nears a support on long term chart.
  • Bounce won’t go farther.

IOTA prices nearing a long term critical support line from where it is expected to bounce in a narrowing range even as the bounce won’t go beyond 5-7 percent from current levels.

IOT/USD is down more than 2 percent on day at $0.5618, at the middle point of day’s range. On the 240-minute chart, IOT has been forming a triangle wherein the price is close to lower end of the range and is expected to bounce within 2 percent from current price.

Although the bounce from here won’t go beyond 5-7 percent as that would make it reach upper end of the range of the triangle.

IOT/USD 240-minute chart: