The test for whether $1 is the bottom for IOTA is coming. IOTA is having a strong resistance to break above 1.1 where the weekly 9EMA , 50 DMA and the multiple downtrend lines are being conjuncted. If IOTA is able to break above 1.1 with bullish volume it means it has started a rally towards 1.55 dollars (50 week MA + T2 downtrendline + 38.2 retracement of march high) as weekly RSI shows a breakout. Failure to take 1.1 dollars could make IOTA dump harder to 0.65 dollars.
What is more important in your opinion? The horizontal support line for example at 0.67 or the trendline leading downwards from the lows in February, March and April. This trendline leads down to 0.48-0.54 in mid to late August. I hope for a price around 0.5. Hard dump followed by similar bullrun like back in April.
veerakumarnice
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@MichaelShutterbug, As of now it is too weak and in my opinion it could dump to 0.65 area. Do not ignore 0.65 area as it has strong horizontal support and that level would be 90% down level from the Bull run peak (main stream cryptocurrencies have a habit of bouncing hard from 90% down level ). Lot of buyers will be ready at that level. :)
InvestingScope
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Tough to call with such consolidation. Sideways for the moment with bearish bias:
veerakumarnice
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@InvestingScope, agree. it is bear biased now. Bullish only above 1.1 dollars
deepdown
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Im exactly waiting for it at 1.65-1.68
veerakumarnice
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@deepdown, If at all IOTA gets to 1.65 i wouldn't short it till 2. Next Major resistance after 1.55 is 2.0, 1.65 - 1.68 is a possible consolidation area which might shoot upwards.
deepdown
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@veerakumarnice, omg i mean 0.65-0.68 :)))
i saw it by pichforks and that are is good static support too