IOTA Regains Footing in Anticipation of Chrysalis – Will THETA & IOST Follow?

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In Brief
  • THETA has broken down from an ascending support line.

  • IOTA has been rejected by the long-term $2.52 resistance level.

  • IOST has bounced at the $0.065 support area.

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Theta Token (THETA) has broken down from an ascending support line.



The long-term $2.52 resistance level has rejected IOTA (IOTA). However, it has begun to regain its footing.

Iost (IOST) has bounced at the $0.065 support area.



Theta Token (THETA)

THETA has been increasing parabolically since Feb. 23. On April 16, it managed to reach an all-time high price of $15.88. This amounted to a total increase of 500%. 

However, the token created a double top pattern and began to decrease.

The main support levels are found at $8.67 and $6.95, respectively. These are the 0.5 & 0.618 Fib retracement levels. The latter is also a horizontal support area. 

Technical indicators are bearish. This is especially evident by the RSI cross below 50 and the negative MACD.

Therefore, it is likely that THETA reaches at least one of these levels. 

A closer look reveals a breakdown from an ascending support line. 

However, the move leading up to the all-time high looks corrective. As a result, it seems that the decrease is an irregular flat correction rather than being the beginning of a new bearish impulse.

A drop to the $8.5 area would also give waves A:C a 1:1.61 ratio, common in such corrections. 

Afterwards, new highs would be expected.

Highlights

  • THETA has broken down from an ascending support line.
  • There is support at $8.67 and $6.95.

IOTA (IOTA)

IOTA has been increasing since Feb. 23, when it reclaimed the $1 resistance area. The upward movement continued until April 16, when the token reached a high of $2.68. 

This occurred right at the 0.382 Fib retracement level of the entire downward movement, measuring from the all-time high.

Technical indicators are still bullish, suggesting that the trend is bullish. 

If IOTA breaks out, the next resistance area would be found at $4.05.

The starting date for the new network upgrade, ”Chrysalis”, will be on April 21. Due to this, IOTA was listed in our ”Top 10 aspiring coins” for April. Afterward, the transition date will be on April 28.

Also, the daily chart looks more bullish. IOTA has created a very long lower wick as soon as it bounced on the current ascending support line. 

In addition, the RSI has generated considerable hidden bullish divergence.

Therefore, the token is expected to regain its footing and gradually increase, breaking out from the aforementioned $2.52 resistance area.

Highlights

  • IOTA is facing long-term resistance at $2.52.
  • It is following an ascending support line.

IOST (IOST)

IOST has been decreasing since April 14. when it reached a high of $0.092. The drop took it to the $0.065 area, validating it as support. 

IOST has created a long lower wick and bounced since. Technical indicators support the continuation of the upward movement.

Using an external Fib retracement on the current drop, we can outline the next resistance area at $0.113.

Highlights

  • IOST has bounced at the $0.065 support area.
  • There is resistance at $0.113.

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

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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