IOTA Technical Analysis: Descending Trendline Governs The IOTA price

Under the influence of this descending trendline, the IOTA coin price lost 32% over fortnite hitting the $0.68-0.6 support. The IOTA buyers failed their second attempt to breach the high swing resistance of $3.42 on Feb 16th. Amid the intense sell-off in the crypto market, the coin chart formed six consecutive red candles, which tumbled the altcoin by 27.5%, bringing it to $2.44. However, the long-tails candle at this support hints the buyers are defending this level with vigor. Can bulls follow up on this rejection, or bears continue their correction? Key technical points: IOTA price obtains strong support from 20-day EMA The 24-hour trading volume in the IOTA coin is $43.6 Million, indicating a 19.7% rise. Past Performance of IOTA The IOTA/USDT technical chart displays a descending triangle pattern in the daily time frame chart. The pattern’s descending trendline started way back from April 2021 top. Since then, the price action has respected this resistance and $0.6 neckline support. Amidst the January bloodbath and geopolitical issue, i.e., the Russia-Ukraine war, the pair has tumbled by 50% from the beginning of 2022, bringing it to $0.6 support. Source-Tradingview IOTA Technical Analysis The IOTA price trades at the $0.73 mark by press time, indicating an 18% gain from $0.6 base support. Furthermore, the buyers attempt to breach the descending trendline, which would be the first signal to recovery. The IOTA chart shows a...