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Technical Analysis for IOTUSD for 20th October 2021

Ahead of Coordicide, will IOTA Bulls Sustain Prices above $1?

IOTA developers are currently planning on Coordicide—decentralizing the internet-of-things and machine economy-centric platform. The update will eliminate the central coordinator.

Past Performance of IOTA

Currently, IOTA prices are positively inclined but cooling off from recent highs. 

Buyers are in control in the long run. 

However, this outlook is valid as long as the primary support trend line holds and IOTA prices continue to trend above $1.15. 

At press time, IOTA is stable versus the greenback.

What to Expect of IOTA

The IOTA price rose 250 percent from July highs to peak in September. 

The coin is down roughly 50 percent at spot rates, consolidating in the past few days above $1.15—a short-term support line. 

Since the uptrend is firm, IOTA bulls may flow back to drive the coin above October highs of around $1.6 back to September 2021 highs of $2 in a bullish resumption pattern.

IOTA Technical Analysis

Overall, buyers are optimistic due to fundamental factors. 

In the short-term, IOTA prices may be under pressure, but this could change if bulls are resilient, soaking selling pressure of the second week of October. 

Ideally, a double-bar bullish reversal pattern from spot rates may be the basis for a swing above $1.5 towards $2. This move would see IOTA double. 

On the reverse side, a high-volume break below $1.15 may see IOTA prices slide below the primary support trend line towards $1 and September 2021 lows.

Resistance level to watch: $1.5

Support level to watch: $1.15

Disclaimer: Opinions expressed are not investment advice. Do your research.

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