Price Analysis as IOTA (IOT) is Trading Near Lows

 
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On November 12, it was announced that IOTA (IOT) entered a partnership with the electronics giant Bosch to build a data collection product for the Internet of Things (IOT).

The German-based company tweeted about the partnership.

According to Computer Business Review, Bosch is a multinational engineering and electronics company which produces automotive components and industrial products. Headquartered in Germany, Bosch is one of the world’s largest suppliers of automotive components.

The company reported more than $93 billion of annual revenues in 2017.

Similarly to Tron (TRX), the good strides that IOTA makes with their project don’t translate into the technical picture. Looking at the daily chart (Graph 1), the price action had breached the key horizontal support (the red line) and it slid to the next level of support – 127.2% Fibonacci extension. As the price consolidates and trades near the lows, the more likely scenario is a break and the trip to the key 161.8% Fibonacci extension support, located around $0.015.

Graph 1. IOTA (IOTUSD) daily chart

Thus, the bias is still bearish as there is no reaction from the bulls, although we hit an important support. We then move to the hourly chart (Graph 2), and we find the price action trapped within the symmetrical triangle. Moreover, the price currently trades below the important horizontal support (the red line).

Graph 2. IOTA (IOTUSD) hourly chart

Given there is no significant reaction of these lows, it looks that IOT is consolidating before making another leg lower. As said, the first level to look at is the 161.8% Fibonacci extension support.

Currently, the price trades around the $0.29 handle, with the market capitalization of around $800 million, which is $350 million less than just two weeks ago.