Let´s keep the analysis simple:
1. IOTA formed a bullish flag pattern over the last month
2. The bottom line of the flag (positioned on 3 USD mark) is made by a strong resistance line, where has IOTA bottomed itself 6 TIMES ALREADY! Dips under this line were bought always very quickly. This shows, that the 3 USD line will probably hold the price above it.
3. We´re slowly coming to the end of the upper line of the bullish flag
4. Downtrend was broken also on the RSI - and the formal resistance line became support line.
5. For such a coin as IOTA is current volume and 9th position in market cap very low and underestimated.
More fundamental part: We have seen big correction in the market last days. The market cap lost almost $200 bilion. Today Bitcoin looks healthier (but we´ll see) and that means new money coming to the market. I expect that before we get another correction, we could touch $1 trilion for sure. This means almost 30% growth and this money have to go somewhere. As always, it will be concentrated at top few cryptocurrencies and which one didn´t perform some time? My bet is on IOTA, or maybe Cardano.
My call for IOTA is minimum 8 USD until mid february (120% growth), but very possibly more.
But always remember that by cryptocurrency there is not only technical and fundamental analysis. There is something beyond this called Bitcoin. If this giant decides to go lower, the money will flow away from the market and TA will be totally useless.
I am open to all opinions, so if you have simillar or opposite idea, I will be glad if you tell me!
1. IOTA formed a bullish flag pattern over the last month
2. The bottom line of the flag (positioned on 3 USD mark) is made by a strong resistance line, where has IOTA bottomed itself 6 TIMES ALREADY! Dips under this line were bought always very quickly. This shows, that the 3 USD line will probably hold the price above it.
3. We´re slowly coming to the end of the upper line of the bullish flag
4. Downtrend was broken also on the RSI - and the formal resistance line became support line.
5. For such a coin as IOTA is current volume and 9th position in market cap very low and underestimated.
More fundamental part: We have seen big correction in the market last days. The market cap lost almost $200 bilion. Today Bitcoin looks healthier (but we´ll see) and that means new money coming to the market. I expect that before we get another correction, we could touch $1 trilion for sure. This means almost 30% growth and this money have to go somewhere. As always, it will be concentrated at top few cryptocurrencies and which one didn´t perform some time? My bet is on IOTA, or maybe Cardano.
My call for IOTA is minimum 8 USD until mid february (120% growth), but very possibly more.
But always remember that by cryptocurrency there is not only technical and fundamental analysis. There is something beyond this called Bitcoin. If this giant decides to go lower, the money will flow away from the market and TA will be totally useless.
I am open to all opinions, so if you have simillar or opposite idea, I will be glad if you tell me!
Bình luận:
IOTA broke the bottom line of the triangle and now it is exactly in the support zone. We will see if it can hold the bitcoin selloff another time!