In theory, there was a bright future ahead for IOTA, but as yet, it has failed to live up to the hype. Clearly, this has been a drag on the IOTA price.
Between February and April the 16th, IOTA climbed +400% to a multi-year high of $.2.7447.
Sadly, as we all know, it was not to last.
IOTA Technical Outlook
The -75% drop from the April high was pretty much in line with its peers. Again, the +63% bounce from the $0.67207 low to $1.08831, also broadly in line.
Subsequently, like much of the market, the IOTA price is now in a period of consolidation, seeking a catalyst.
A band of support between $0.96000 and $1.0080 is visible below the price. Dips to this level over the last four days have so far been met with buying.
Above the price, there is a resistance channel between $1.1116 and $1.1136.
At the current level, I hold no particular directional view. But, that would change on a break outside of this range. If the price can clear the resistance, it should extend to the April 21st high at $1.41040.
On the other hand, a failure to hold the support could send the IOTA price back to the $0.62070 mid-week low.
Whilst there may not be a tradable opportunity right now. The price action leads me to believe one may be just around the corner.
Therefore, traders should pay close attention to the price action at the current level and be primed to take advantage of a momentum breakout.