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Like the majority of cryptocurrencies in the altcoin sector, IOTA has also increased in value since the beginning of the year. Starting from the low of just over USD 0.15, the MIOTA price rose 60 percentage points north. The IOTA community is eagerly awaiting the “Coordicide” upgrade, which is intended to herald a new era in the Tangle network and eliminate the central point of criticism of the lack of decentralization forever. This Friday, January 27th, MIOTA price is attempting its next breakout attempt from the wedge formation that has been forming since August 2022. If the bullish price breaks out of the wedge and the price subsequently stabilizes above the resist level at $0.25, the next relevant target at $0.27 will become the focus of investors. If, on the other hand, the breakout attempt fails and IOTA slips back below the support at $0.22, a fall back to the light green support zone around $0.20 should be planned.
Bullish price targets: $0.25, $0.27, $0.29, $0.33, $0.36, $0.40, $0.44, $0.50, $0.55/0.57, 0 $.62, $0.70, $0.77/0.84, $0.90, $1.02/1.06
IOTA: Bullish price targets for the coming months
To confirm a possible bullish breakout attempt, IOTA must first clear the $0.27 area. The sliding resistance line of the last 200 trading days (EMA200) (blue) is currently not far from this cross-resistance. If the bulls manage to overcome this first relevant resist without any significant setbacks, a subsequent increase in the golden pocket of the current movement at 0.29 US dollars can be planned. With this, IOTA would have processed the first relevant target area. If a stabilization above the purple zone succeeds as a result and the 0.29 US dollar is surpassed at the end of the day, the upward movement extends to 0.33 US dollars. This is likely to be the first showdown between bulls and bears.
Should the MIOTA price also dynamically break through this resistance level, further price potential will be activated in the direction of the blue resistance area between USD 0.36 and USD 0.40. The MIOTA course last failed here in August of last year. If the bulls recapture this zone, the chart picture would brighten further. Then IOTA should initially increase in the direction of 0.44 US dollars. If IOTA can also break through this resistance, a march through to the direction of US$ 0.50 is likely. The buyers’ camp would then have their sights firmly set on the next relevant target at US$ 0.57. The $0.57 mark acted as strong price support in July 2021, so this level should now act as strong resistance. Investors are therefore likely to want to take profits off the table here.
The chart picture is getting brighter and brighter
If the crypto market continues to recover in the coming weeks and IOTA then also overcomes the light blue resistance area, the MIOTA price should immediately target $ 0.62. This price level already acted as solid price support several times at the beginning of the previous year. A recapture increases the buy side’s chances of further price recovery. As a result, a rise to the strong resist at $0.70 is conceivable. If IOTA reaches this price level, the next relevant target would be processed. Profit-taking is again to be planned for.
If this central resistance level is recaptured, investors will look towards the golden pocket between USD 0.70 and USD 0.84. It is currently difficult to predict whether and when IOTA can also break through this area. For this, the Bitcoin price would have to continue to rise towards 32,000 US dollars. Only a sustained stabilization above the orange zone would the maximum rise targets at 0.90 US dollars as well as the trailing edge from January 2022 between 1.02 US dollars and 1.06 US dollars become the focus of investors.
Bearish price targets: $0.24, $0.23, $0.20, $0.18, $0.16, $0.14, $0.12/0.11
IOTA: Bearish price targets for the coming months
The bears are currently falling behind. From the point of view of the seller camp, a breakout from the wedge formation must be averted. The MIOTA course is allowed to rise to the top of the purple resistance zone at most. In the area of 0.27 US dollars, the EMA200 runs alongside the first relevant horizontal resistance. From the point of view of the seller camp, IOTA must turn south in this area at the latest. However, only if the MIOTA price corrects back below the red downtrend line and the support at $0.22 will the bears regain control. Then target the multiple support zone of EMA50 (orange), supertrend and horizontal support at $0.20.
Directional decision to be expected
If the bulls cannot sustainably stabilize the price here and the MIOTA price falls back below this support zone, the gray support area between $0.17 and $0.16 is activated as a target area. If the bulls remain abstinent here as well and do not stabilize IOTA in the area of the previous year’s low, the sell-off will expand to USD 0.14. This price level marked the low for the year in 2017. If, contrary to expectations, the bulls do not come back onto the floor here either, and IOTA continues to trend bearish, even a fall back to the range between 0.12 US dollars and 0.11 US dollars is not excluded. From the current perspective, this zone represents the maximum price target for IOTA on the bottom.
Looking at the indicators, a first consolidation after the clear increase of the previous days should not come as a surprise. As long as a breakout above the red downtrend line is successfully completed, further price increases can be expected. However, the RSI indicator is currently trading in overbought territory on a daily basis and is also showing a first bearish divergence. On the other hand, the MACD still offers room for further increases in the coming trading weeks.
