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IOST Resumes Climbing After Initial Rejection by Resistance

2 mins
Updated by Kyle Baird
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In Brief

  • IOST has minor resistance and support at $0.0214 and $0.0184 respectively.
  • IOST is likely nearing the top of an extended wave three.
  • Technical indicators are bullish for IOST/USD but bearish for IOST/BTC.
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The IOST (IOST) price has reclaimed a long-term resistance area and looks ready to resume its climb to a new local high.

Technical indicators support this movement, and the rate of increase is likely to accelerate if IOST can clear $0.0214.

 

IOST Long-Term Resistance

The weekly chart shows that IOST has moved above the $0.016 area, which had been acting as resistance since late 2019. It validated this level as support in January 2020 (green arrow), and began another upward movement.

If IOST continues to increase, the next closest resistance area would be found near $0.03.

Technical indicators are bullish, supporting the continuation of the upward move.

IOST Long-Term Movement
IOST Chart By TradingView

Current Movement

Cryptocurrency trader @CryptoNewton outlined a chart, stating that they are expecting IOST to move towards $0.028.

IOST Movement
Source: Twitter

The six-hour chart supports this possibility as it shows a breakout above the minor $0.0184 resistance area and its validation as support.

If IOST manages to clear the $0.0214 resistance area (0.618 Fib retracement level), it’s likely to move upwards at an accelerated rate and proceed to reach the previously outlined $0.03 resistance area.

IOST Short-Term Movement
IOST Chart By TradingView

Wave Count

The wave count suggests that IOST is in wave three (white) of a bullish impulse that began in March 2020.

The sub-wave count is given in orange, indicating that IOST is in sub-wave five.

The most likely target for the top of the movement is found between $0.0354-$0.0359. This target range was found by using a Fib projection on sub-waves 1-3 and an external Fib retracement on sub-wave four.

IOST Wave Count
IOST Chart By TradingView

IOST/BTC

On Jan. 8, IOST/BTC reached an all-time low price of 15 satoshis. It immediately followed the low with a rapid upward movement (highlighted in green), reaching 73 satoshis on Jan. 15.

IOST has been decreasing since, and indicators have turned bearish.

However, IOST is also trading between the 0.5-0.618 Fib retracement levels, a common zone to initiate a reversal.

In order for the upward move to continue, IOST has to create its first higher low, then confirm the upward movement by creating a higher high.

Until it does that, we cannot consider the trend bullish.

IOST/BTC
IOST Chart By TradingView

Conclusion

IOST is expected to move upwards at an accelerated rate once it manages to break out above the minor resistance area of $0.0214.

While IOST/BTC has possibly initiated an upward move, there is no bullish structure in place until a higher low is created.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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