A new report has come out detailing how the coin known as IOTA could have a large amount of potential in the coming weeks for the cryptocurrency world. The report shows that “IOTA continues to trend lower against bitcoin as it tests the resistance of its falling channel on the 1-hour time frame. Price is consolidating in a small symmetrical triangle, though, and its breakout direction could determine its next longer-term move.
A candle closing below the triangle support could provide enough bearish momentum for a move down to the channel support around 0.00017. The 100 SMA is below the longer-term 200 SMA to suggest that the path of least resistance is to the downside or that a selloff is more likely to happen than a rally.” Is the 200 SMA lines up with the falling channel resistance, the coin will be able to add some strength to its price ceiling. The coin looks as though it has bounced back off the area of interest at the $3 mark, lining up against the dollar. With a 50% retracement level, the coin could potentially go down slightly before being able to head back up to some new highs for the price.
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According to the report “stochastic is indicating oversold conditions and looks ready to turn higher. In that case, buyers could still attempt to keep IOTA afloat and lead to a larger correction to the 61.8% Fib level.” Since the cryptocurrency market is relatively new still, the hopes are high that this coin will be able to stabilize in price in the coming weeks to months. As more and more decide to get into the cryptocurrency world, many economists are hoping that coins like this, with high potential, will continue their reign on the overall market.