IOTA in triangle and next price targetIOTA is traded in a huge triangle since April 2021. The area between $0.78 – 0.69 is considered as a high demand zone.
Price may reach the bullish trend line, before the upward movement, but I doubt if it will fall and stay below $0.78.
At the time of writing this report, Iota is retesting $0.85 support – previous resistance level.
That’s a very good opportunity to open your long positions.
$1.00 is a very strong resistance level. It is a psychological level and it was tested successfully many times in the past either as support or resistance.
A small period of consolidation between $1.00 and $0.85 may occur.
A confirmation that Iota will reach previous and new highs will occur when we flip the $1.00 resistance.
To trade the triangle pattern place an alert or a stop loss below the bullish trendline and a take profit order between $3.00 – 3.50. That will give you a very high Risk/Reward ratio: 31.75+
I will keep my analysis updated to any significant changes.
