IOTA fluctuated within a narrow range on Wednesday and remains neutral and Thursday. The situation is unclear as the currency pair is close to June’s lows. Neither bears nor bulls control the market.
The currency pair has broken through the ascending trend line on Tuesday and has successfully tested the support area at $1.0145 on Wednesday. There is no clear direction currently, but we can see a kind of bearish Flag pattern on 4H chart meaning sellers are able to develop their progress. We think that sellers will be able to push IOTA/USD lower targeting the closest support area at $0.8969 at least. If successful, bears will have a chance to make another significant step. However, if Flag breaks, bulls will regain control over the market and drive IOTA/USD upwards towards $1.1321 via the closest resistance area at $1.0145.