IOTA dropped rapidly last week losing nearly 50% to drop below $2. After a brief recovery, it seems price is heading back. The 22-24 January IOTA price prediction below looks at the technical forecast of IOTA/USD and IOTA/BTC pairs. Will price drop below $1.5 this week?
22 January, AtoZForex - Cryptocurrency market has not been having it good this year so far. The correction that started in December 2017 persisted in many coins. Most coins have dropped 50% or more of at one point or the other this year after making all time highs. The corrective bearish nature looks similar especially among the major coins - price is in all time wave 2. This wave 2 correction is looking so deep.
IOTA like many other coins headed downside for all time wave 2. In the last update, I wrote about the likelihood of price dropping to $1. The chart below was used.
Since the last week of December till now, price has been confined in a triangle pattern. Triangle patterns are often known as continuation patterns. Price is in a corrective state and could continue once there is a breakout below the triangle. A strong dip to $1 is likely in the coming weeks.
That was exactly what happened. Price broke downside below $2 and then followed by a bullish recovery above $3. The chart below shows what we have now and what could happen next.
22-24 January IOTA price prediction - IOTA/USD Forecast
The chart above shows price completed the wave iv of C. Wave C could end lower than $1.5 or at $1 to complete wave 2. Will a big rally follow afterwards? Let's see how it goes.
IOTA/BTC has not been as directional as IOTA/USD. The chart below was used in the last update.
The second breakout – breakout below the channel downside- could lead price to 0.00015 or lower to 0.00005.
There was a breakout but price has not moved as fast as expected. The chart below shows what we have now.
22-24 January IOTA price prediction - IOTA/BTC Forecast
The bearish move could still continue to 0.00015 in the coming days. price could also go into another sideway move s the two coins hedge out each other.
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