IOTA: Time for Bulls to break out
Today, Id like to mention IOTA (IOT). Recently, A new partnership has been announced by the IOTA Foundation with RIDDLE&CODE, a blockchain-based hardware and software company. This collaboration is set to facilitate transactions on IOTA Tangle, of which will be autonomous machine-to-machine. In simple words, 5 years from now, in new intelligent factories, the robots communicate over the tangle with an RIDDLE&CODE chip inside, paying the supplier piece by piece and delivering real time information over the tangle to optimze the process. How will that influence CryptoMarket?
A decent rise has been seen for IOT/USD. Gains wasn't that big but of 9%. The price managed to receive much needed support, from a lower trend line. This is actually part of a larger bearish pennant pattern formation. Well, Bulk sell-off has been taking place from 7th November, as a result having lost over 50% over this period. Price action has stabilized, after forming a bottom area around the $0.2600 territory. A narrowing has been seen, as a result forming the mentioned pennant. Given current price behavior, it does suggest a breakout could be right around the corner.
Immediate resistance should be noted at the upper trend line that has formed this bearish technical set up. This can be seen tracking around $0.2950. Should the bulls manage to breakout from this? There isn’t much in the way of resistance until $0.4400 area, where the price consolidated briefly between 14-18 November, before resuming drop.
Trade with caution and on your own risks. Good luck!
A decent rise has been seen for IOT/USD. Gains wasn't that big but of 9%. The price managed to receive much needed support, from a lower trend line. This is actually part of a larger bearish pennant pattern formation. Well, Bulk sell-off has been taking place from 7th November, as a result having lost over 50% over this period. Price action has stabilized, after forming a bottom area around the $0.2600 territory. A narrowing has been seen, as a result forming the mentioned pennant. Given current price behavior, it does suggest a breakout could be right around the corner.
Immediate resistance should be noted at the upper trend line that has formed this bearish technical set up. This can be seen tracking around $0.2950. Should the bulls manage to breakout from this? There isn’t much in the way of resistance until $0.4400 area, where the price consolidated briefly between 14-18 November, before resuming drop.
Trade with caution and on your own risks. Good luck!
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