IOTA/USD Price Analysis
Yesterday’s daytime candle closed at a price of $ 0.2906. after the prodvadki beat $ 0.307, a consolidation was created, but at a lower price. This fact slightly increases the likelihood of a continuation of the fall. Now buyers are trying to change the device, but at the moment there are too few volumes. If the price continues consolidation at the current price without volumes, I expect a fall to the bottom of the trend line consolidation.
If you look at this coin in pairing with BTC, then it is clear that the buyers beat the local falling channel.
Also, before the breakthrough of this channel, a large volume with a pin is fixed. If you compare this candle with the previous one, where the volume was also raised, it is clearly seen that different candles are the same and the candles are almost identical. In my opinion, this means that the following buyers are interested in buying and the price should not continue to fall.
So far, marginal buyers positions are not very confident.
However, the position of sellers does not look better.
In the mood of traders, I can conclude that buyers are trying to increase their positions, but still uncertain and sellers are eager to reduce their positions and there is a good potential for this.
According to the wave analysis, growth of December 17 was adjusted by 61.8%.
If I continue to fall, I expect the final target of $ 0.24.
If we calculate the goal of a reversal over local waves of fall, then the maximum wavelength C is at a price of $ 0.26. At this price, the wave C = 1,618 * A. If the price goes below, then there is a risk that the fall after the growth of December 17th was not a correction but a new impetus and then the main target of the sellers would be to update the low.
However, the main scenario is the end of the correction and the continuation of growth with the ultimate target of $ 0.6.
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This is not financial advice. I don’t take into account of your personal investment objectives, specific investment goals, specific needs or financial situation and makes no representation and assumes no liability to the accuracy or completeness of the information provided here. The information and publications are not intended to be and do not constitute financial advice, investment advice, trading advice or any other advice or recommendation. Any expression of opinion (which may be subject to change without notice) is personal to the author and the author makes no guarantee of any sort regarding accuracy or completeness of any information or analysis supplied.
