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  • Bounces off recent lows, without momentum.
  • Reaches a point of U-turn.

IOTA, bulls have nothing going right for them as the bounce resulting from the recent lows hasn’t been able to go much far, lacking momentum. Adding salt to the injury is a strong resistance not far from the current price.

IOT/USD is down about 0.7 percent on day at $0.567, hanging at the middle point of the day. On the 360-minute chart, there is a room for some more bounce upto $0.60-$0.62 where it meets strong resistance in the form a descending trendline, making prices take a U-turn from there.

There is every possibility prices may fall back to August lows and even break those lows.

IOT/USD 360-minute chart:

 

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