IOTA has fond the bottom near 140k satoshis that is 76.4%. At first price went slightly lower, but eventually rejected the Fibonacci support together with the uptrend trendline. Price went up and on a corrective wave down rejected the 61.8% Fibonacci support together with the upper trendline of the descending channel.
All-in-all trend now is bullish and growth is likely to continue. The nearest resistance for IOT/BTC is around 420k satoshis, that is a potential double top. If price managed to break above, the next resistance and the key target is around 640k satoshis, which could be reached this year.
On a downside, IOTA could correct down to the 50 Moving average and even down to the 140k satoshis support, but only a break and close below 127k satoshis could invalidate bullish outlook.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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