Chart Analysis: IOTA/USDT
Target and Prices
• Target: The rising target area seen on the chart indicates around 0.93. This means an increase of approximately 350% from the current price level.
• Current price is around 0.38 USDT.
Support and Resistance Levels
• Support Levels:
• First strong support: 0.30 USDT
• Main support zone: 0.20 USDT
• Resistance Levels:
• First resistance: 0.45 USDT
• Main resistance: 0.75 USDT
• Long-term resistance: 0.93 USDT
Indicators
• Moving Averages: A long-term moving average (e.g. 200-day MA) offers support from below the price. This could signal a strong trend reversal.
• RSI: If the RSI has risen to the overbought region (70 and above), a correction can be expected in this region.
• Bollinger Bands: If the price is close to the upper band, an increase in volatility can be expected.
Formations and Formation Reversals
• Falling Wedge Formation: The falling wedge formation seen on the chart has been broken upwards. This is generally considered a strong bullish signal.
• Rising Lows: When the price starts making higher lows, it is a sign of an upward trend.
Trend Direction
• The upward trend seems strong in the short and medium term.
• The downward trend has been broken and is on the rise.
Strategy and Recommendations
1. Purchase Strategy:
• Wait for Pullbacks: If the price corrects to the first support level of 0.30 USDT, a buying opportunity may arise.
• Check indicators such as RSI and trading volume before opening a position.
2. Gradual Output:
• First target: 0.45 USDT
• Second target: 0.75 USDT
• Final target: 0.93 USDT
3. Stop Loss: It would be appropriate to set the stop loss level below 0.28 USDT.
4. Volume Control: An increase in trading volume indicates that the uptrend will continue.
General Comment
IOTA seems to have broken a long-standing downtrend. This breakout could boost investors’ confidence and push the price higher. However, corrections may occur in the short term. In order for it to reach target levels, the general market trend must also be supportive. Therefore, it is important to follow the general market situation.