ISimple Token Expected to Double in ValueISimple Token seem to have found the bottom at $0.023 level. The support level is seen at 78.6% Fibonacci retracement, that is $0.027. This level today has been rejected along with the 3/1 Gann Fan trendline, while the price produce a new high high.
Simultaniously, IOST/USD is breaking above the downtrend trendline, and this combined price action suggests the beginning of a short or medium term uptrend. The strong resistance is seen at 23.6% Fibs, that is $0.063. If/when this price is reached IOST would more than double in value against the USD.
It seems that today price bounced off the support level, with the daily low at $0.026. Break and close below that price on the daily chart would invalidate bullish outlook. This makes the potential buy trade setup with an extremely high risk/reward ratio, which could be very attractive for ISimpleToken investors.
IOSTUSD
IOStoken Uptrend is Far From OverIOStoken bottomed out near $0.016, after which the uptrend begun. Price broke above the 50 Moving Average as well as the downtrend trendline. IOST/USD continues to steadily climb up while rejecting the uptrend trendline.
Fibonacci applied to the first corrective wave down after the breakout of the Moving Average shows that IOStoken has rejected 227.2% level, where it found the support. The following wave up resulted in rejection of the 427.2% Fibs resistance, however just recently price broke above, suggesting the continuation of the uptrend.
There are multiple resistance levels to watch, however the key resistance is based at 1227.2% Fibonacci retracement level, that is $0.159. Statistically coins upside targets tend to be in increments of 10 from the bottom. As the bottom has been found at $0.016, multiplied that by 10 would make it $0.16, which is perfectly inline with the final upside target.
On a downside, the correction down would be quite normal and should be expected. The nearest support is at $0.68 where IOST/USD could retrace. Break below that level could send price slightly lower before uptrend continuation would take place. But in any case, strong downtrend establishment have very low probability at this point.
