Like many altcoins, IOTA decidedly took off on August 27th. It hit our target profit zone of $0.80 perfectly. Whoever entered on the triangle breakout made 40% profit. Those that didn’t wait and entered near support, got over 50%. Currently the price is making a pullback. Is this really just a pull-back before continuation of the uptrend or are we en-route to new lows of course depends on bitcoin. I am still cautiously bullish on bitcoin (read more). However I’m waiting to re-enter my IOTA position (like all other altcoin positions) until I see at least a few confirmations that bitcoin’s price will maintain an uptrend or at least enter a consolidation phase.
At the moment IOTA’s price has to contend with the heavy descending resistance of the ongoing 2018 bear trend. To make things harder for IOTA’s further advance in price it will have to break above the resistance line which acted as a support through the first half of the 2018. If it breaks this resistance and starts moving above $0.85, than the path to $1 is clear.
Finally, for all of you who had to deal with IOTA’s old and clunky wallet, the good news is – the Trinity Wallet (beta) is now up and running.