TL:DR Bullish momentum developing on the eve of 'Q' announcement, if it lives up to its billing then I expect a break of $2 all the way up to $2.50+. Underwhelming news could see us back at $1.50
This is the Iota:USD chart with 1D candles. Here is what I said last update "HOWEVER, this chart doesn't show me strength and, unless there is some legitimate good news to increase adoption, I expect we actually move lower toward $1.36." Well price bottomed at $1.34 before reversing on good news. I also discussed in my last update m frustration with their horrible wallet and how it has greatly held the coin back. Since then they have released the Beta version of their sparkling Trinity Wallet which by all accounts is a raging success. With the release we have seen a steady price increase with it currently up 35% from its low 5 days ago.
The chart to me shows signs of bullishness however there are 2 major hurdles in the way. The first hurdle is the downward trendline going back 6 months that I suspect will give strong resistance right at the $2.00 area. After this I expect resistance around the $2.50 - $2.57 area. If these two prices can be cleared then we may see major price action to the upside.
Now, if price cannot break through the $2.00 mark then I would expect a retest of the $1.50 which has acted as a very strong support. At the moment I believe it would take a Crypto-wide downturn to see Iota break much below the $1.50 mark.
One concern I have is that what we are seeing is a "buy the rumor" situation as we near the supposed announcement of "Q" on June 3rd or 6th. The Iota community has been abuzz about Q for at least 6 months and has been a major reason why many have held onto the token. If anything goes wrong with the Q announcement we could see a retrace to $1.50. What could go? A delay, an underwhelming announcement, or simply a "sell the news" type reaction. Time will tell...
Fundamentally I am most excited about Ether and Iota and am long term bullish on these two projects. Iota appears to be actively working out its problems related to (1) its wallet (2) horizontal scalability. They also continue to make inroads with large automobile and IoT companies which will hopefully become the backbone of a robust, high speed Tangle. Is the market down from its all-time-high? Yes, Iota is currently down 67% from ATH. To me this is the time to accumulate, just like 2009 was the time to scoop up cheap stocks, now is the time to scoop up cheap coins. The bear market will come to an end and i want to be well positioned.
***This is not investing advice. I am not an investing professional. Do not invest more than you can afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the Iota:USD chart with 1D candles. Here is what I said last update "HOWEVER, this chart doesn't show me strength and, unless there is some legitimate good news to increase adoption, I expect we actually move lower toward $1.36." Well price bottomed at $1.34 before reversing on good news. I also discussed in my last update m frustration with their horrible wallet and how it has greatly held the coin back. Since then they have released the Beta version of their sparkling Trinity Wallet which by all accounts is a raging success. With the release we have seen a steady price increase with it currently up 35% from its low 5 days ago.
The chart to me shows signs of bullishness however there are 2 major hurdles in the way. The first hurdle is the downward trendline going back 6 months that I suspect will give strong resistance right at the $2.00 area. After this I expect resistance around the $2.50 - $2.57 area. If these two prices can be cleared then we may see major price action to the upside.
Now, if price cannot break through the $2.00 mark then I would expect a retest of the $1.50 which has acted as a very strong support. At the moment I believe it would take a Crypto-wide downturn to see Iota break much below the $1.50 mark.
One concern I have is that what we are seeing is a "buy the rumor" situation as we near the supposed announcement of "Q" on June 3rd or 6th. The Iota community has been abuzz about Q for at least 6 months and has been a major reason why many have held onto the token. If anything goes wrong with the Q announcement we could see a retrace to $1.50. What could go? A delay, an underwhelming announcement, or simply a "sell the news" type reaction. Time will tell...
Fundamentally I am most excited about Ether and Iota and am long term bullish on these two projects. Iota appears to be actively working out its problems related to (1) its wallet (2) horizontal scalability. They also continue to make inroads with large automobile and IoT companies which will hopefully become the backbone of a robust, high speed Tangle. Is the market down from its all-time-high? Yes, Iota is currently down 67% from ATH. To me this is the time to accumulate, just like 2009 was the time to scoop up cheap stocks, now is the time to scoop up cheap coins. The bear market will come to an end and i want to be well positioned.
***This is not investing advice. I am not an investing professional. Do not invest more than you can afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***