$IOTA

The currency $IOTA is testing a downward correction channel

The price of IOTA (IOTAUSDT) has seen a sharp rise during its recent intraday trading, driven by positive signals in the relative strength indicators. However, we notice that it has reached areas of extreme overbought conditions, indicating a slowdown in this positive momentum, with the price rising recently to hit the resistance of its simple moving average over a period of 50. This has occurred concurrently with its testing of the ceiling of a downward corrective price channel that limits short-term price trading.

Based on this, our forecasts indicate a return to the decline in the price of the currency during its upcoming trades, as long as the resistance level of $0.22 remains intact, targeting the pivotal support level of $0.19.

Expected direction for the upcoming trades: bearish