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IOTA (IOTA) has been among one of the most popular names when it comes to cryptocurrency investments. The technology that powers the cryptocurrency has been hailed by many to be quite good and has found a number of backers over the months. The price of IOTA has been through many ups and downs over the past week and while the markets are recovering, IOTA still looks like a risky investment at the moment.
Over the past 24 hours, the currency has gained 20% and appears to be on the path of a recovery. However, market analysts claim that the currency is still trapped in a bearish channel and is likely to experience a price drop again. IOTA began the day with a price of $1.69 and has since grown to $2.05.
Market experts believe that the currency will continue to rise till it reaches the $3 mark where a major resistance will force the currency to fall again, perhaps losing another 50% of its value and going back to the $1.5 mark. IOTA, over the past week has gone through a period of major volatility as the currency began the week at $2.5 and fell to it’s lowest point of 2018 when it hit the $1.43 mark.
Technical analysis of IOTA (IOTA) | Image: tradingview
If you look at the graph above, a technical analysis of IOTA price tells us that the currency is likely to hit the point of confirmed resistance, which is at the $3 mark. However there is no crossing the resistance and prices may fall to a low of $1.5 where a bear flag awaits.
If the currency does fall to $1.5, a new line of resistance will then be formed at the $2 mark from where IOTA price would continue to fluctuate between $1.5 to $2 for a while. At the moment if you are holding IOTA, it is perhaps the best option to continue holding it and invest more into it once it hits the $1.5 mark again.
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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.