IOTA Price Falls Nearly 20 Percent from Late August Peak
The IOT/USD stated the early Asian trading session by breaking below a critical support level around 0.7294-fiat, opening a path of least support towards the next downside targets. As the session matured and the European timing came into play, the pair had already fallen by 8.7 percent. IOT/USD is now near the early August resistance – visibly a strong one to the upside – near 0.6751-fiat, which is now weak support to the current bearish momentum.
In a more extended run, the pullback could only point to traders executing their long positions towards the intraday peak. Speculators pumped the price from previous lower lows after taking cues from a couple of strong fundamental events, including Fujitsu decision to name IOTA blockchain as its new protocol standard. The bull flock started exiting the market on decent intraday profits, and new bulls went into a hibernation state. Thus, a sharp pullback came into view.