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IOT/USD Long-term Trend -bearish
Supply zone: $0.4000, $0.5000, $0.6000
Demand zone: $0.1000 $0.0800, $0.0600
IOTA is in a bearish trend in the long-term outlook. The lower demand area of last week range was broken on 6th December with a large engulfing candle as the bears' pressure was strong within the range. MIOTAUSD dropped to $0.2251 in the demand area.
Increased momentum led to a further dropped in the cryptocurrency price to $0.2048.
The bulls gradual return was signaled with the formation of a bullish spinning top on 7th December as MIOTAUSD made a brief push to $0.2622 in the supply area but rejection to further upward movement was seen around the 10-EMA.
The bullish upward movement was a pullback most necessary for the market correction and to guaranty downtrend continuation on a long-term.
The stochastic oscillator remains within the oversold region at 15% and its signal points up which is a reflection of the brief bullish pullback. With price below the two EMAs and the EMAs fanned apart which is a sign of the strength in the context of the trend and in this case the downtrend in the outlook.
$0.1500 in the demand area remain the bears' target.
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