IOTA Price Reaches Critical Support Zone Amid Downfall of 20%

The technical chart of IOTA reflects on the ongoing downtrend faced which resulted in a negative breakout below the 0.382fib level. The levels have now reached the support zone which lies between 0.5fib level and 0.618fib level. It is expected that the downtrend will be halted by the support zone and the price levels might be consolidated within the region or even bounce back if the overall market conditions take a positive turn from here. On the contrary, a negative breakout below the support line placed at 0.618fib level.

The moving average convergence & divergence ( MACD ) faced a bearish crossover and the levels looked vulnerable for a fall below the signal line.

The directional movement index (DMI) also showcased bearish nature as ADX looked vulnerable for a negative breakout against -DI .

Resistance Level: $0.45
Support Level: $0.35 & $0.32

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