With IOTA weekly price analysis, we will examine the tenth-ranked cryptocurrency in terms of market capitalization.. before 4. IOTA rising to the top 10 in the last 3 months.
The ugly conversations between the IOTA team and a security researcher were on the agenda in the past days. After this incident, questions began to arise about the capacity of the IOTA founder and his team to take the project further.. But after this event, the price of IOTA did not decrease, which shows that the trust of the investors in the team has not been given up.
IOTA Weekly price analysis
Weekly Chart
The cryptocurrency had surged 1550% in five weeks, from as low as $0.33870 to as high as $5.59 from early November to early December. For the next 5 weeks, the cryptocurrency continued to fluctuate. It fell as low as $1.2 at the beginning of February.
The previous bullish rally lasted for 5 weeks.. Can we expect another rally from IOTA after such a decline? Let’s look at the daily chart to identify levels that will confirm the end of the decline.
Daily Chart
Since February 2, the price has fluctuated between $1.5 and $2,2117. was coming. Looking at the chart now, we see that prices are heading towards a narrow triangle. We see the price retracement to the moving averages. But IOTA starts rising at 20-day EMA. Looking at the 50-day SMA, we see that the upper limit of the range is near $2.2418.
If the price range breaks the triangle upwards and closes the day above it, the initial target will be $2.9234.. As can be seen, the main resistance is $3, we can only see a minor resistance at $2.62 before it hits $3.
If the price range breaks the triangle down and closes the day below it, it has a target of $0.7883. At the same time, it is possible to buy from the support zone between $1.1 and $1.2.
However, if the price rises and closes above $2.23, a suitable stop-loss point can be placed for long positions.. If we enter the bull market and break the $3 level, we expect a $4 rally.. If there is a drop below $1, we do not recommend collecting from these levels.
Cointelegraph
The information in the article is purely for informational purposes.. It does not constitute any investment advice.. The author and hostagons.com/ are not responsible for your profit or loss arising from the investments you make.. Investment is ultimately based on many foundations such as knowledge, experience, research and personal decisions.