For now, the bulls have succeeded in defending the $0.9150 levels on IOTA. The pullback from the supports is encouraging because it increases the possibility of the formation of a large range on the cryptocurrency.
The bulls will face stiff resistance at the 20-day EMA and the downtrend line. Once these two levels are crossed, we anticipate a rally to $2 levels. This offers us an attractive trade setup.
But the traders should wait for the price to close (UTC) above the downtrend line to avoid getting caught in false breakouts. The stop loss on the trade can be kept below the June 24 lows.
Our bullish view will be invalidated if the bears force a turnaround on the IOTA/USD pair from the 20-day EMA and plunge it below $0.885 levels.