IOTA/USD - 2/27/2018IOTA has been a highly anticipated coin that suffered a huge price drop similar to others. Following this drop in price, it has now been forming into an ascending wedge and is looking up once again. The price has been forming this pattern since February and has used the trend on a total of about 7 occasions. This leads me to believe that the price will continue to follow this trend for the time being, meaning, the next couple of weeks. Inside of this wedge, there are profits to be made. The price is currently near the bottom of the wedge and has recently closed above the Leading Span B of the Ichimoku cloud, this indicates that the price may soon experience a bullish run. If this is true, the target price is set at the 23.8% fib retracement level, on the fib tracking the current downtrend. In the shorter term uptrend, we see the 23.8% fib also being used as resistance but much earlier. In confluence with a resistance level at $2, there is a high possibility that this level will keep the bullish run short before returning back in that direction.
Important Resistance Levels: $2.185, 2.059
Important Support Levels: $1.769, 1.572
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Written by:
Arham Bheda
Senior Research Analyst
