Iota defendet succesfully the 0.90 support twice, unklike BTC and other cryptos which made lower lows, so we might have found a stable bottom. Iota now struggling to break out of the sidewards resistance trendline from the ATH. A valid breakout above that line could lead to the assumption that Iota has left the crash pattern and is ready for further gains. Though it is important to keep an eye on BTC, another bearish move after the acual rally would of course also affect the Iota price. A failed breakout and a breakdown of the 0.90 support could lead us to the next 0.60ish support area.
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Weekly chart shows slight bullish divergence on RSI, but more important is that we are oversold on stoch RSI what makes a reversal more lekely.
We have a bearish approach after the twin Inverse Head and Shoulders formations:
Okrakel
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@InvestingScope, there is of course a possibility of breaking down the support, like I wrote in my last analysis. Right now, the 1.03 support is being tested and if it holds, there is a potential inverse h&s if breaking if breaking the 1.16 resistance. A fail and fall back below the sidewards trendline would open doors for more downside, maybe to the 0.6 levels. It all depends on the BTC movements.