IOTA has been hit particularly hard by the bear run in cryptos. Currently, it is finding support at a Fibonacci level at $2.14, bouncing back to $2.24 or so at the time of this writing. It has careened through the lower bound of the KRI, now well above current prices at $2.70. From above, we will have to test $3.25 before testing the central moving average of the KRI at $3.67. If we break past support at $2.14, the next level of support is a Fibonacci level at $1.45. Although we appear to be in wave 2 along with most of the other cryptos, we are wrong if we break lows around $1.25. Both long and short term Kovach Momentum Indicators confirm we are in a bear phase.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter