IOTA Bull Wedge Pattern

IOTA continues to disappoint, still struggling with the central moving average of the KRI at $1.96. It currently sits at $1.88, however, which is forming the upper bound of a bull wedge pattern. Volatility in this coin has consolidated substantially, as evidenced by the width of the upper and lower bound of the KRI, suggesting that we might expect a breakout soon. The corrective phase of the Elliott Wave has lasted since December, supporting the case for renewed momentum. If we continue to face resistance from above, we'll see support from levels at $1.84, $1.78, and finally from $1.68, the lower bound of a congestion zone.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!