IOT/USD falls below the lower band of the Bollinger curve

• IOT/USD drops from $0.243 to $0.23 this Friday.
• The Elliott oscillator had a bearish session after four straight bullish ones.

IOT/USD had an extremely bearish Friday, wherein the price fell from $0.243 to $0.23. In the process, IOTA had three bearish days in a row. The price has met massive resistance at the long-running downward trending line and fallen down. The hourly breakdown shows us that the price recovered to $0.244 after it dropped to $0.235. However, the bears quickly overwhelmed the bulls and dropped the price all the way down to $0.23.

IOT/USD daily chart

The latest session has taken the price below the lower curve of the 20-day Bollinger band, indicating that the asset has become undervalued. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) shows that market momentum has changed from bullish to bearish. The Elliott oscillator had a bearish session after four straight bullish ones.