Viktor Karapetjanc
Crypto Post
IOStoken bottomed out near $0.016, after which the uptrend begun. Price broke above the 50 Moving Average as well as the downtrend trendline. IOST/USD continues to steadily climb up while rejecting the uptrend trendline.
Fibonacci applied to the first corrective wave down after the breakout of the Moving Average shows that IOStoken has rejected 227.2% level, where it found the support. The following wave up resulted in rejection of the 427.2% Fibs resistance, however just recently price broke above, suggesting the continuation of the uptrend.
There are multiple resistance levels to watch, however the key resistance is based at 1227.2% Fibonacci retracement level, that is $0.159. Statistically coins upside targets tend to be in increments of 10 from the bottom. As the bottom has been found at $0.016, multiplied that by 10 would make it $0.16, which is perfectly inline with the final upside target.
On a downside, the correction down would be quite normal and should be expected. The nearest support is at $0.68 where IOST/USD could retrace. Break below that level could send price slightly lower before uptrend continuation would take place. But in any case, strong downtrend establishment have very low probability at this point.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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