Internet of people reached an all-time high on 2nd of January, hitting $12.86. The price then strongly corrected down to $4.3, losing 65% to USD. Price found the support at the 76.4% Fibonacci retracement level that was rejected cleanly.
IOP/USD then consolidated and returned back to the 8/1 Gann Fan trendline, which today was tested and it seems being rejected. If the support area around $4 holds, IOP is likely to continue moving higher towards $14 target confirmed by two Fibonacci retracement levels applied to the corrective wave down after resistance breakout on 29th of November and the recent corrective wave down after 2/1 Gann Fan trendline breakout.
Therefore, the potential gain could be as high as 200% and this is only the nearest target. On a downside, only break and close below $3 could invalidate bullish outlook.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.