IOTA: Price Analysis, July 23

IOTA/USD

IOTA has been trading in a tight range for the past two days, close to the critical support at $0.9150.




IOTA/USD




The IOTA/USD pair has formed a small bearish descending triangle pattern that will complete on a breakdown of $0.9150. This will give a pattern target of $0.5721. Therefore, we suggest to stop losses on the existing long position if the digital currency sustains below $0.8850.

On the upside, a break out of the downtrend line of the descending triangle will be the first sign that the worst is over. Until then, all pullbacks will be sold into.

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