IOTA Price Analysis - August 22, 2018
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At the time of writing, IOTA price is currently sitting at $0.46
It looks like IOTA had more range in its swings over the past several days. We've drawn an uptrend on the chart, but it's really only for demonstrating the general direction of IOTA rather than an actual solid trend line. Anyways, IOTA recently broke down from that, and seemed to have tested $0.465 as support once again after the dip on August 18th. It's kind of a delayed move, but it looks somewhat similar to the breakdown from the wonky ascending triangle observed with a few coins a few days back.
Anyways, right now we're right on the edge of the support level, $0.465. If it can't hold this level, next one we'd look at would be around $0.435, and below that, $0.405. On the upside, and if IOTA can hold this current support, next level we'd look at on any move up would be $0.5, but only for a confirmation of a move up, as it's less solid than some of the other levels. Above that, ideally we would see IOTA consolidate a bit before any other test of the upper resistance line at $0.56, which is the main resistance for us at the moment.
If we zoom out and look at the bigger picture, we'll see that while IOTA has retraced quite a bit since its ATH, it still has some room on the downside. We can also see that it has been trading within the same channel since December.
If you're fundamental long/bullish on IOTA, you have a couple of options. The first would be to long here for a medium-term play to the top of the channel and then exit. The second and most conservative option would be to wait and see how IOTA looks at $0.33 (the November 2017 lows) instead and long from there. If you want to be more conservative, you could wait for a full retracement to the July 2017 levels at $0.15, although many IOTA maximalists would argue that's impossible to achieve.
Right now, there doesn't seem to be an optimal entry to short IOTA; we have it right along the lower side of a descending channel AND right above a long-term support line, so it would be pretty risky.
On the daily chart for IOTA, technical indicators give a bearish outlook (14 sell, 10 neutral, 2 buy)
On the weekly chart for IOTA, technical indicators give a slightly better but still similar bearish outlook (12 sell, 8 neutral, 2 buy)
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