IOTA Licking Wounds After Losing 96 Percent This Year

As the price falls, it bounces hard off of the bottom support of the descending channel (blue stars) before topping out at the horizontal resistances and dropping back down another step to start the pattern all over again.

Each step down has been roughly 50 percent of the step which proceeded it. Since showing some recovery at the $0.25 mark, it is likely that after some consolidation the price will move up to the top of the channel once again around the $0.36 to $0.42 range.

Between $0.25 and $0.30 looks to be a safe spot, but investors should be aware that IOTA's all-time low of $0.15 has not been tested. A further decline in Bitcoin would almost certainly lead to the testing of lower support levels.

Read the full analysis @ BeInCrypto: beincrypto.com/iota-licks-its-wounds-after-losing-96-percent-this-year/