IOTA is trading around the yearly low: Will MIOTA revive?
The FTX liquidity crisis stirred the market last week, and IOTA has formed a yearly low of around $0.195. It has formed a triangle pattern in the last five months with support around $0.25. However, it has broken that support after the announcement of FTX’s bankruptcy.
The U.S. Congress and SEC are investing in this issue, so the crypto market will be more volatile because significant news will come in the next few months regarding FTX that might question the crypto sustainability for the long term. Many crypto enthusiasts are searching for safer assets, which is why crypto markets have seen an outflow in the last week.
At the time of writing this post, IOTA was trading around $0.211, above the yearly low and far below the short-term support of $0.25. Based on the technical chart, candlesticks are forming in the lower BB, and most other indicators are neutral, suggesting a consolidation for the next few days.
MIOTA may either break the support to form a new yearly low or regain the previous support of $0.25, so it is a crucial level, and crypto enthusiasts should not take a new position at this level, at least for the short term. Will this high-risk investment turn profitable? Read our MIOTA prediction to know!
On the weekly chart, MIOTA candlesticks have been forming in the lower BB for the last year, which suggests extreme selling pressure, and it is not an ideal time to invest in this volatile market. Earlier, it seemed like MIOTA formed a bottom around $0.25, but it has broken the level after this liquidity crisis.
Based on the technical analysis, we think MIOTA will consolidate within a range of $0.25 and $0.34 for the next few months, so if you want to accumulate some coins, then you can buy IOTA for around $0.2. However, we think it is risky because MIOTA has not formed a bottom, so you can find safer assets like Bitcoin or Ethereum.
The Internet of Things is a growing industry, and IOTA is a popular choice in this segment, so it must be a part of your portfolio. You must add it to your watch list and invest at the right time after it forms the bottom of the long-term chart.
If you want to invest a significant amount, it is the ideal time to start accumulating IOTA in this downtrend. You will get a good return in the next few years if it changes the momentum.