- IOTA’s price increased 12.52% in the last 24 hours, reaching $0.1444.
- The price faces resistance near $0.145 and key support at $0.129.
- A mega-triangle pattern signals a potential breakout for IOTA’s price.
IOTA has experienced a notable price movement, gaining 12.52% in the last 24 hours. As of now, its price stands at $0.1444, with key resistance levels around $0.145.Â
The cryptocurrency is currently navigating within a downtrend channel, a zone where many traders have refrained from opening new positions due to limited clear trends. Despite this, there is growing attention as the price consolidates around its key levels.
Traders are focused on the resistance at $0.145, a crucial price point that may determine the next direction of the coin. Additionally, stronger resistance levels are expected between $0.16 and $0.1725.
Support is seen around $0.129, providing a potential buying opportunity for those waiting for a pullback. The current market conditions suggest that IOTA could see more fluctuations in the short term, with the possibility of a breakout if the price manages to break through key resistance zones.
Mega-Triangle Pattern and Potential Breakout
In a recent analysis by Jesse Peralta, a mega-triangle pattern is forming for IOTA. This pattern reflects a prolonged downtrend, followed by a period of consolidation, which is often indicative of a breakout.Â
The chart clearly shows this consolidation phase with a pink-marked support zone, which traders are monitoring closely. As the price approaches the apex of the triangle, there are growing expectations of a breakout that could signal a bullish phase for IOTA.
The formation of this triangle pattern points to the possibility of upward momentum as IOTA has historically experienced such breakouts after similar consolidation periods.
It remains important for traders to stay alert for any sudden movements that might indicate the breakout. If the price surpasses the $0.145 resistance level, a strong rally could follow.
Key Levels to Monitor for Traders
For those looking to enter long positions, the key level to watch is the support at $0.13. This zone presents a potential entry point if the price retreats, offering a lower-risk buy opportunity.
However, if the price stays above the support level and breaks resistance at $0.145, it could mark the beginning of a more significant bullish trend. As IOTA is still within a downtrend channel, traders need to observe how the market behaves around these key levels to make informed decisions.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
