Short term price analysis:
Total market cap behaviour
Before we make an analysis for IOTA, let’s do a quick charting of the overall market cap. As we already know, due to the dubious reporting from TheBlock that alleged Binance offices being raided by police, the market suffered a heavy, mini crash and overall capitalization fell below $200 billion.
Right now, the total market is hanging on a thread without a firm support beneath it. We could see a slide all the way down to $162 billion, where we have Fib236 (dec 2018 – june 2019, high low swing) that would act as a support.
Note: Tradingview data that we use in our analysis is off by approx $8 billion to the CMC data on overall market cap.
Overall sentiment is far from being positive and there is a lot of fear in the markets. Strong hands, holders that are buying the dips are probably a bit cash stripped which is a further plus for the bears as these buyers are usually “buyers of last resort” and a drift and loss of another $30 billion is pretty likely.
IOTA Price Analysis – 24 Nov
As the chart signals right now, IOTA is about to get mauled by the bears.
It could get really ugly for IOTA as it is literally hanging by a thread on its local bottom at $0.20 with no notable support below this level aside of the $0.18 – a level IOTA touched upon couple of days ago. If it fails to bounce off it, we might be in for a serious bloodshed for IOTA hodlers.
Below this level, there is nothing but empty white space, thin air and IOTA could drop hard to its all time lows, recored last time in November of 2017.
Below is our long-term IOTA price prediction for 2020 and beyond.
In 2017 an enormous IOTA hype took place. Many people wanted to trade IOTA – but in 2018 it was followed by a hard crash landing. The crypto currency based in Germany jumped in 2017 together with the Bitcoin and many other crypto currencies. In some cases, IOTA even managed to surpass the $5 mark. At times it was even the fourth most valuable…