IOTA has been hanging on to the critical support level of $1.63 for the past three days but is finding it difficult to secure a strong bounce. This increases the possibility of a drop below $1.63.
If the IOTA/USD pair breaks below $1.63, it will become negative and can slide to $1.33, which is its next support. If the $1.33 level also breaks, the drop can extend to $0.9150.
Our bearish view will be invalidated if the bulls hold $1.63 and trigger a strong bounce from there.