Iota continues to show strength

Alan Penny

29 May 2019

3 min read

All things being equal, the pressure crypto is essentially what’s going on Bitcoin. Now that Bitcoin has started to rally again, various other alt coins are starting to see a bit of favor returned back to them. That being the case, it makes sense that Iota starting to rally right along with some of the others.

The market had been consolidating some time against the US dollar but is just now starting to make a bit of a breakout. With that in mind, I believe the buyers are probably going to step in and pick up value every time it dips. This will be especially true if Bitcoin continues to rally. At this point, Bitcoin looks as if it probably well, so quite frankly I’m not overly concerned.

Vital levels to watch

iota chart


Looking at the chart, I see a couple of levels to pay attention to immediately. Underneath, the $.40 level should be rather supportive has it was massive resistance in the past. That was the top of the rectangle that we had been trading, and now that the red 50-day EMA is starting to turn higher, that’s a positive sign as well. The last three days have seen increased volume to the upside, which is also good sign.

Looking at the chart at the blue 200-day EMA, you are just now crossing through it. This could cause the occasional pullback, and quite frankly that should be a nice buying opportunity. If we can hope to $.38 level, Iota should continue to be thought of as a market that is turning around and trying to rally significantly.

Crypto currency in favor again

Crypto is in favor again, and that should not be my is considering household had been general, I believe that claims are going to continue to find please higher, at least in the short term. Longer-term, a lot of this remains to be seen and we certainly should not forget the massive meltdown scene just 18 months ago.

In this environment it makes sense to buy value when it occurs on pullbacks, but you may wish to do so intermittently instead of jumping “all in.” Remember, if we start trouble in Bitcoin, these other coins are going to get hammered almost immediately. This is an extraordinarily speculative environment you are dealing with, but they also can provide significant returns as well. You need to pay attention to both markets simultaneously and take advantage of the overall fear of missing out that seems to be gripping the market.

If the market breaks down below the 50-day EMA, which is pictured in chart, that would be disastrous sign. However, right now it doesn’t look very likely to happen falling and picking up to the upside, as long as the rest of the crypto market can hold its own, Iota it should continue to perform for those willing to buy it. I suspect it will be significant resistance based upon historical resistance near the 0.80 level.

Written By
Alan Penny

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