IOTA - another 600% leg?

26 Ara 2021

Iota has an interesting case with multiple chart patterns signaling a strong upside move. If the entire crypto asset market remains bullish, Iota could potentially have another 600% leg as the leg from Feb - Apr. 2021. Both, Cup & Handle and a pennant seem to align for a strong break-out to the upside. On the weekly chart, MACD is converging and could cross in 1-2 weeks while RSI steepens with much room to grow to get to the overbought zone. possibly indicating the beginning of a bullish trend. The upside moves carried significantly more volume and short positions are growing even though the price is growing. If the short sellers need to cover their position, a short squeeze could be on the table. Staking starts in 2 days meaning that most of the supply is transferred away from exchanges to Firefly wallets. The analysis of the IOTA/BTC pair indicates Iota outperforming Bitcoin during the next couple of months. Bitcoin dominance is falling to all-time-lows.

Good luck with your trades! Do not consider this as financial advice.