Home Cryptocurrency IOTA Technical Analysis: March 11, 2019

IOTA Technical Analysis: March 11, 2019

The vision of IOTA is to enable all connected devices through verification of truth and transactional settlements which incentivize devices to make available its properties and data in real time. It is a cryptocurrency designed for the Internet of Things (IoT) and it is important to mention that IOTA has lots of advantages over the Bitcoin. According to analysts, IOTA has very big potential in real-world applications and IOTA was planned from the beginning to interact with everything. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees. The future actually looks bright for IOTA but investors should have in mind that IOTA isn’t the only privacy coin competing for market share and some other cryptocurrencies could potentially limit the adoption of IOTA. The price of IOTA has been trading in $0.20-$0.40 range for a while and according to technical analysis, the downtrend is still very strong. The first strong sign of recovery could be if the price jumps above $1 but everything indicates that this will not happen soon.

Technical analysis

According to the rules of technical analysis, the “bearish” trend of this cryptocurrency is still very strong. Some analysts believe that the end capitulation is right around the corner and they hope that this 14-month-long correction was a lesson to those new to crypto investing. The current support level is $0.2 and if the price drops below this support that would be a “SELL” signal and open way to $0.15. The current resistance levels are $0.4, $0.5, $0.8 and $1, in my opinion, as long the price is below the critical $2 level, the risk will remain towards the downside. It is very hard to predict where the price of IOTA will go, but if the price jumps above $0.8 it would probably reach $1 in the short time period. If the price jumps above $1 we have an open way to $1.5 and the next target could be around $2.

Recommendation: If you’re looking to invest in IOTA, you would be able to make good returns according to the price predictions in the next several years. According to the technical analysis, if the price jumps above $1 that could be a very good opportunity for the short term traders, short-term traders can put the stop loss at $0.8 and take profit at $1.5 or above.

 

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