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IOTA: Weekly Price Analysis

– IOTA is the tenth largest cryptocurrency by market capitalization.
– IOTA continues to struggle in recovering from recent lows.
– An ugly spat between the IOTA team and external security researchers has raised questions about the team’s capability.
– Despite the controversy, IOTA’s price has not slumped, indicating continued investor support.
– On the weekly chart, IOTA remained range-bound from mid-June to mid-November of last year.
– After a rally in early December, IOTA has been consolidating near the lows for the past four weeks.
– The daily chart shows IOTA attempting to hold the 78.6 percent retracement of its previous rally.
– A symmetrical triangle formation is visible at the lows, with a potential breakout imminent.
– The moving averages are turning down, but IOTA has risen above the 20-day EMA.
– If the price breaks out and closes above the range, a pattern target of $2.9234 can be expected.
– Conversely, a breakdown below the range would have a pattern target of $0.7883.
– Traders should wait for a breakout above $2.23 before initiating long positions.
– A rally to $4 is possible if the bulls succeed in breaking out of $3.
– Bottom fishing should be avoided if IOTA breaks down from the range.

The market data is provided by the HitBTC exchange. The charts for the analysis are provided by TradingView.

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