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.
IOTA/USD price chart, H2 (click to zoom)
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
IOTA/USD Elliott wave analysis, H2 (click to zoom)
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
IOTA/BTC Elliott wave analysis, H2 (click to zoom)
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.
Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.
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