IOST ended the day with a strong +10% gain against Bitcoin.
Momentum is currently showing some signs of weakness as we are heading toward IOST's downtrend. As many altcoins, IOST has been suffering since the beginning of the year.
Despite this current rise, the pair remains near its yearly lows at 69 satoshis.
The rise has been realized absent volume which doesn't favor a continuation in the medium-term.
We expect the sellers to step up and reclaim the nearest support level at 79 satoshis. In order to confirm a bottom island formation, bulls will need to defend this level in order to target the 100 satoshis level, otherwise, prices would dive toward 69 satoshis and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .
Momentum is currently showing some signs of weakness as we are heading toward IOST's downtrend. As many altcoins, IOST has been suffering since the beginning of the year.
Despite this current rise, the pair remains near its yearly lows at 69 satoshis.
The rise has been realized absent volume which doesn't favor a continuation in the medium-term.
We expect the sellers to step up and reclaim the nearest support level at 79 satoshis. In order to confirm a bottom island formation, bulls will need to defend this level in order to target the 100 satoshis level, otherwise, prices would dive toward 69 satoshis and lower.
Raphaël Comte
Investment Analyst at Token Metrics
Disclosure: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. Its principal has advised and invested in many blockchain companies. A complete list of his disclosures, advisory roles and current holdings can be viewed here: ianbalina.com/pages/....................... .