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IOTA Price Prediction: Is the Parallel Upward Channel Intact?

 


The IOTA course was able to break the Fibonacci resistance at around USD 0.33 and is in a parallel upward channel.


The IOTA course is in a parallel upward channel

The IOTA course was able to break the important Fibonacci resistance at around USD 0.33, which we wrote about in the last IOTA price forecast :


“The IOTA price reached the golden ratio resistance at around USD 0.335, at which IOTA was initially rejected yesterday. However, the 50-day EMA acted as support, which IOTA was able to bounce off to try again today to bullishly break the golden ratio at around USD 0.335. On the other hand, if IOTA bullishly breaks the golden ratio resistance at around USD 0.335, IOTA could rise to around USD 0.4. "


IOTA then did not rise to USD 0.4, but only to USD 0.37 so far and thus remained in the parallel upward channel. IOTA is currently finding support at around USD 0.335 and should this be broken, the next significant support awaits at around USD 0.32. There IOTA encounters the 0.382 Fib level, the 50-day EMA and the lower trend line of the parallel up channel.


In addition, the MACD histogram is ticking bearish lower as the MACD lines have a bearish crossover.


In the short term, the IOTA price could correct to around USD 0.32

In the short term, the IOTA price could move back to around USD 0.32 and should this support break, IOTA will find significant Fibonacci support at around USD 0.28 at the latest. In addition, the MACD is also bearish in the 4H chart.


IOTA price finds significant support at around USD 0.28 at the latest

In the weekly chart, however, the histogram of the MACDs is still ticking bullishly higher and the MACD lines are still bullishly crossed. There is still a chance that this correction will be mild and IOTA will be able to stay in the parallel up channel.


IOTA price could rise to around USD 0.51 in the medium term

In addition, the histogram of the MACDs in the monthly chart is now ticking higher, which indicates a bullish trend reversal. In the medium term, the IOTA price could rise to the 0.382 Fib level at around USD 0.51 or even to the 50-month EMA at around USD 0.73.


IOTA is in a long-term downtrend

In the long term, however, the IOTA price remains in a strong downward trend, which has been intact since 2018. In fact, IOTA has been in a parallel downward channel for over four years and in the last bull run in 2021, IOTA was already rejected at the 0.382 Fib level at around USD 2.25, confirming the trend bearishly.


For a long-term bullish trend reversal, IOTA needs to break the golden ratio resistance at around $3.6.


IOTA is close to hitting the golden ratio against BTC

Against BTC, IOTA price is close to hitting the golden ratio resistance at the 200-day EMA around 0.0000158 BTC. If IOTA breaks this, it can rise to the next Fib level at around 0.0000179 BTC. Last we wrote:


“Previously, the IOTA price was rejected at the golden ratio resistance at around 0.000016 BTC, only to bounce off the 0.382 Fib support at around 0.00001312 BTC.  This means that IOTA could now rise again to the golden ratio at around 0.000016 BTC. "


Currently, however, the MACD is bearish in the daily chart, while the RSI is neutral. This means that IOTA could correct in the short term to the 50-day EMA at around 0.0000138 BTC, or even to the 0.382 Fib level at around 0.00001312 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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