Can IOTA Crypto Resume Uptrend Next Week?

The IOTA price has been holding higher on grounds indicating the early sign of the breakout. The crypto has entered a correction phase after the formation of a double-top pattern near the $0.33 level.

The short term trend outlook had turned negative after the price failed to register a new swing high in January and dropped after forming a double-top pattern. However, the correction phase may end if the crypto makes a fresh breakout above $0.26. 

At the time of writing, the IOTA crypto was at $0.25 with a swift intraday gain of 0.77%. It has a market capitalization of $798.9 Million and ranks 85th among all cryptos. The volume to market cap ratio is 4.29%, suggesting low volatility. 

IOTA Crypto Analysis Over the Daily Chart

The crypto topped out in the last week of December and registered a fall from the beginning of the financial year 2024. The crypto dropped lower breaking below the 20 and 50-Day EMAs, turning bearish in the short term. 

However, a sharp bounce back in the IOTA price was observed after the sellers attempted to dig lower below the 200-Day EMA. The buyers established their presence near the 200-Day EMA and the crypto surge to test the recent swing high and supply zone at $0.26 level.

The $0.26 level is also the 50% area of the fibonacci retracement drawn from the top to bottom of the recent swing. The breakout above the 50% area may indicate a trend reversal of the short term trend from bearish to bullish.

IOTA Crypto Short Term Analysis

On a 4 hour chart, the crypto started the day on a positive note and registered a positive development in the morning session. The buyers intended to make a breakout above the recent supply and 50% of the fibonacci retracement. However, the sellers made a comeback in the afternoon session, losing the morning gains.

Now, if the buyers are able to surpass the recent hurdle of $0.26 level and the price sustains above it. Then, a new wave of buying might be observed on the charts and the crypto may register a new swing high. 

Also, the breakout may align the short term trend towards the long term trend and the crypto may resume uptrend forming higher highs and higher lows

IOTA Price Prediction for February 2024

The positive view of analysts predicts an upside potential of over 19.6% by February end, which could take the IOTA price above the $0.305 mark. On the other hand, the bearish view of analysts predicts that the price could drop near the $0.207 level.

IOTA Price Prediction for 2024

The price prediction for 2024 shows that the IOTA may advance to a high of $0.445 by the end of 2024. The less optimistic analysts estimate a price target of $0.353 by the end of the year.

IOTA Price Prediction for 2025

As per the most positive view of our analysts, the price may hit the $0.644 mark, suggesting an upside potential of 153.46% by 2025. The pessimistic view is that the price could reach $0.4.52 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.