The similarities between the current events and those from the end of 2020 are remarkable.
In both cases, a new all-time high was reached shortly before and the IOTA price corrected strongly.
As a result, the altcoin's price went through a prolonged sideways movement (an accumulation phase).
Volume increased significantly in both breakout moves.
Both breakout moves stopped shortly before the previous all-time high.
Then and now, the daily RSI for the breakout move showed a value of about 80 (78/82).
For better comparability, I have adjusted the size of the price movement (in the light blue rectangle) to the recent one.
If the events from late 2020 were to repeat, adjusted to the current situation, then this would result in an IOTA forecast of about $15.72. This price target would be reached around the end of January/early February 2022. But I would not recommand to get hang up on the time prediction if any of this should be correct.
Disclaimer: This analysis is an excerpt from the IOTA forecast on the German crypto blog Bitcoin-Bude
In both cases, a new all-time high was reached shortly before and the IOTA price corrected strongly.
As a result, the altcoin's price went through a prolonged sideways movement (an accumulation phase).
Volume increased significantly in both breakout moves.
Both breakout moves stopped shortly before the previous all-time high.
Then and now, the daily RSI for the breakout move showed a value of about 80 (78/82).
For better comparability, I have adjusted the size of the price movement (in the light blue rectangle) to the recent one.
If the events from late 2020 were to repeat, adjusted to the current situation, then this would result in an IOTA forecast of about $15.72. This price target would be reached around the end of January/early February 2022. But I would not recommand to get hang up on the time prediction if any of this should be correct.
Disclaimer: This analysis is an excerpt from the IOTA forecast on the German crypto blog Bitcoin-Bude
Comment:
if you should use this analysis in an article or what so ever do me a favor and link to the original souce. Thank you
Comment:
If we look at how the IOTA price has moved since then, it is amazing how similar the price movements are from then and now.
Of course, the price never moves in exactly the same way. It doesn't have to and it can't.
After all, then is not now. Market participants have changed since the end of 2020, the market itself has changed since then, and the world outside of Crypto is not the same as it was then. So, if all the influencing factors have changed, how could anyone even think that they add up to the exact same result?
But, as we said earlier, that doesn't have to be the case either. Because what we analyze are patterns on the chart. Patterns on the chart, in turn, reflect behavioral patterns of the market players as a whole. And patterns of behavior are known to repeat themselves.
So far, the pattern discussed here has worked out and if this continues to be the case, then the IOTA price is about to make its first major price jump. This price jump could catapult the IOTA price from currently $1.31 to approx. $2.66 in the short term.
Incidentally, the falling inverted wedge also speaks in favor of this. This chart pattern suggests a bullish breakout soon with a minimum price target of $2.
Moreover, as the following chart shows, the IOTA price is apparently in the process of forming a bottom against ETH. This is supported by the bullish divergence on the weekly chart's MACD and RSI momentum indicators.
This reversal in momentum is probably due to fundamental developments in the Tangle. For those who don't know, IOTA is rolling out smart contracts. In fact, they are already in beta. And yes, this could be a big deal.
Source: Iota Prognose
Of course, the price never moves in exactly the same way. It doesn't have to and it can't.
After all, then is not now. Market participants have changed since the end of 2020, the market itself has changed since then, and the world outside of Crypto is not the same as it was then. So, if all the influencing factors have changed, how could anyone even think that they add up to the exact same result?
But, as we said earlier, that doesn't have to be the case either. Because what we analyze are patterns on the chart. Patterns on the chart, in turn, reflect behavioral patterns of the market players as a whole. And patterns of behavior are known to repeat themselves.
So far, the pattern discussed here has worked out and if this continues to be the case, then the IOTA price is about to make its first major price jump. This price jump could catapult the IOTA price from currently $1.31 to approx. $2.66 in the short term.
Incidentally, the falling inverted wedge also speaks in favor of this. This chart pattern suggests a bullish breakout soon with a minimum price target of $2.
Moreover, as the following chart shows, the IOTA price is apparently in the process of forming a bottom against ETH. This is supported by the bullish divergence on the weekly chart's MACD and RSI momentum indicators.
This reversal in momentum is probably due to fundamental developments in the Tangle. For those who don't know, IOTA is rolling out smart contracts. In fact, they are already in beta. And yes, this could be a big deal.
Source: Iota Prognose
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