- IOTA Price gains 27.65% after a breakdown of the $0.1720 support level.
- IOTA is trading at $0.1742.
In the recent Q2 2023 progress report, it was revealed that the Shimmer and IOTA Foundation teams were working on various factors of their respective projects to improve functionality, explore new possibilities, and interact with the community. This improvement and collaboration demonstrated the commitment of the IOTA team towards community engagement and advancing distributed ledger technology.
Will IOTA Price Rise in the Future?
Source: IOTAUSDT 1D Chart by TradingView
IOTA’s price experienced a continuous decline from its peak at $0.3716 in August 2022, eventually finding a strong support zone around $0.2374 in November. However, the support level was eventually broken, leading to further price decline.
In June 2023, the price started forming an ascending triangle pattern, with a strong support level at $0.1720. The price then gave a strong breakdown, luring in sellers, but unexpectedly, it quickly rebounded above the support level of $0.1720, trapping those sellers.
Currently, the price of IOTA is sustaining at its support level of $0.1720. Additionally, there is a trendline coming from above the price at $0.2681. If the price can maintain its support zone and subsequently break out above the trendline, it may indicate a rise in the price or the potential for a bullish momentum.
Source: IOTAUSDT 1D Chart by TradingView
Based on the Fib Retracement drawn from the lower point of the swing to the higher point of the swing, the current price of IOTA is at the 0.5 level, which is considered a potential level for the price to move up. Additionally, the 0.5 level of the Fib Retracement also serves as a strong support level, providing further confirmation of potential upward movement.
Looking at the IOTA long/short ratio on July 31, 2023, it reveals that the long positions make up around 50.33% of the market, while the short positions constitute approximately 49.67%. This indicates that both sides of the market are nearly balanced, but there is a slightly higher proportion of buying positions compared to short positions.
Conclusion
The current price of IOTA is trading at its support zone and is showing consolidation for the formation of a base. If the price manages to hold steady within this support zone and subsequently breaks out above the trendline coming from above, it can indicate a potential upward momentum in the price.
Consolidation at a support zone is often viewed as a critical phase in the market, as it suggests a period of indecision between buyers and sellers. If the price sustains at this level and manages to break above the trendline resistance, it may attract more buying interest, which would lead to a potential rally in the price.
Technical levels
Resistance levels: $0.1878 and $0.2400
Support levels: $0.1720
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
