Our trade on IOTA is in the red. For the past two days, the bulls have been struggling to scale above the 20-day EMA, which is a negative sign. Though the coin is finding support at the $1 mark, a failure to move up within the next couple of days increases the chance of a breakdown.
The 20-day EMA has flattened out, which shows that the momentum on the downside has abated. The IOTA/USD pair will gain strength if it sustains above the $1.26 levels.
On the downside, if the $1 level breaks, a retest of $0.9150 is likely. We suggest holding the current positions with the stops just below the June 24 lows. We shall trail the stops higher at the first available opportunity.