IOTA/USD Bulls Holding Last Line

IOTA made significant progress last week but lost its positions. The currency pair looks negative currently as it losses more than five percent in the past 24 hours. However, we think that bulls still have power to resume the uptrend.

The currency pair reached the resistance area at $1.1321 during the weekend but failed to hold those positions and went downwards later. IOTA has successfully tested the green ascending trend line targeting the support area at $1.0145. However, bulls formed line there and prevent bears from developing their progress.
Let’s see what are the probable scenarios for the nearest future. We think that bulls are able to regain momentum and drive the currency pair higher. We have set the closest targets at $9.23 resistance area. If bulls are successful, they will be able to drive IOTA even higher.
The negative scenario for IOTA/USD also exists but we give less chances to it. The price will decline towards $7.47 in this case.

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