Original Post – https://cryptocrimson.com/iota-expected-6-bullish-symmetrical-triangle/
All Credits to JEREMIAH FABER JANUARY 15, 2018
IOTA has been on a rampage over the past two months. On the 15th of November, IOTA was priced in at $0.5 – today, on the 15th of January, IOTA is now at $3.6, with an all-time high of $5.3 in mid-December. This growth seems to have slowed down over the past week as the prices have gone stable. However, the growth rally is expected to begin once again, as the markets appear to be bullish.
Reports by an analyst on tradingview point that a symmetrical triangle appears to be forming. Such a formation usually occurs when the line of support is on a rise while the line of resistance is on a decline. Once the two intersect, they form a bullish symmetrical triangle which often helps give the price a major spike.
If this bullish symmetrical triangle is indeed what the analyst claims it is, the IOTA prices are likely to shoot to $6 soon. The underlying technology behind IOTA has been much appreciated and a number of investors have shown good faith in this Internet of Things based platform and cryptocurrency. A good technology is always good for the growth of the price.
Predictions in the past too, have shown that IOTA is expected to rise – prices expected to go as high as $9 and $10 in the near future. However, there has been a consistent battle between the lines of resistance and the line of support – once the two intersect each other, we expect the coin to go on a short growth rally, rising by about $3 and reaching $6 to $6.5 levels over the next week or so.
Moreover, the team at IOTA has been on an expansion spree and has been hiring a number of new employees. This gives another boost to the credibility of IOTA – which assures the users that they are committed to the cause that they stand for.
Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.