so as you see IOTA in downtrend
its one of few L1 projects with a massive momentum but didn't start its bull run yet
this could perform like ADA last year
They have so many upcoming catalyst
-The IOTA Foundation has been selected as one of five contractors for the second phase 2A of the pre-commercial procurement that will be developing prototypes and test which...
After exiting the triangle, the price formed a downward channel and is now trading under the 50, 100 and 200MA on the 4H Timeframe.
Trading volumes have decreased as well as volatility.
The price has tested the lower boundary of the channel.
I expect a bounce to the resistance level if the price fixes above the support level.
Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth…
The first stanza of Robert Frost’s poem “The Road Not Taken” describes IOTA’s situation quite well. Two roads are spread before the altcoin – which one will it take? There is a 48%...
Iota could head into the mid $0.40 level as there's a possible ABC correction forming for IOTA. There is strong support but I'm cautious about entering IOTA.
Just trying to give you both scenarios. If it hits the $0.40 region it's an excellent entry point.
There is a possibility that during the historic action of IOTA something has been cooking. Something that was kept the coin in the closet and pushed down with the hammer and formed to be the impossible father to crack. Fortunately, this father has been overthrown from his crown and is no longer a liability. What we see on the charts is that IOTA...
Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Link to previous chart:
If you press play on the previous chart you'll see that we've retraced a bit further than my predicted area. This chart is a bit tricky because I'm not sure if we've found the bottom yet. If the bottom is in then we can resume the wave...
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Like a caterpillar, IOTA is crawling along the support line at $0.5736, its body moving fluently. We expect it to finish wave (ii) in blue and to pupate soon, at $0.5736 at the latest. Then, it should emerge from its cocoon as a beautiful butterfly, spread its colorful wings and fly upwards above the resistance at $2.0842. However, there is a 48% chance that...
H4 shows a upside down head and shoulders which is currently confirming a change in trend.
If you take a clear look in the analysis you'll see that the chart has charged the bearish pattern which was rising wedges.
Let's chat about this idea