Technical Analysis for IOTUSD for 11th January 2022
IOTA's Fundamentals Solid but Can $1.10 Anchor Bulls?
IOTA developers recently announced the Shimmer network—an incentivized and independent staging platform using SMR tokens.
Past Performance of IOTA
The IOTA price remains within a $0.50 zone with identifiable levels at $1.10 and $1.60, respectively. At present, sellers have the upper hand given the retest of the support line. Still, the confidence from the January 10 wide-ranging bull bar may provide the impetus for higher highs forming a three-bar bullish pattern.
IOTA Technical Analysis
A decentralized and multi-asset programmable IOTA is attractive in the long term. Even so, bulls are struggling, and the IOTUSDT candlestick arrangement points to weakness. Despite its relatively solid performance, IOTA bulls must maintain prices above $1.10—the multi-week support level. A close below this mark may see IOTA slide towards $0.60—June 2021 lows—in a bear trend continuation pattern. Still, there will be relief above $1.20 should bulls flow back, building on the bullish attempt of January 10.
What to Expect of IOTA
IOTA bulls must sustain prices within the horizontal trade range above $1.10. If not, IOTA prices may tank to $0.60, roughly halving from the current valuation. Being upbeat, IOTA's decentralization plans may offer support for IOTA in the medium to long term. Therefore, a close above $1.20 may draw in demand, eventually lifting IOTA to $1.60 in a revival, aligning price action to gains of early Q3 2021.
Resistance level to watch: $1.20
Support level to watch: $1.10
Disclaimer: Opinions expressed are not investment advice. Do your research.
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