The IOTA price has been in a descending channel since the high of 0.2585 on the 4th June. It has been respecting a high resistance trendline (which goes all the way back to Feb 2020), down to the more recent mid and lower support trendlines as shown on the attached chart. The mid support and lower support trendline represent a price drop of 14% and 19% respectively from the high resistance trendline.
At present IOTA is approaching the higher resisting trendline at 0.2330 and could represent a worthy short opportunity, assuming the month-long downward trend continues.
There is also a chance the price could breakout of the current month long down trend therefore, patience and confirmation of trend direction prior to making a move is key.
These are only my own thoughts and do not represent financial advice. Do your own research.
At present IOTA is approaching the higher resisting trendline at 0.2330 and could represent a worthy short opportunity, assuming the month-long downward trend continues.
There is also a chance the price could breakout of the current month long down trend therefore, patience and confirmation of trend direction prior to making a move is key.
These are only my own thoughts and do not represent financial advice. Do your own research.