IOTA is Deteriorating on Double Top Pattern
IOTA (IOT) prices experienced a modest recovery of 1.2%, reaching $0.2490 this week. This follows a significant 32% decline in January, with the altcoin managing to reduce its losses to 22%. However, prices have fallen below the support level at $0.2500 and are attempting to retest this level for a potential continuation downward. The emergence of a double top pattern on the chart strongly suggests the possibility of further declines. The altcoin has an initial downside target at $0.2000. A recovery above $0.2500 could potentially negate this bearish scenario.
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