Looks to me as if the days of $1.xx are fast coming to a close. The price volatility has been declining since the peak at the beginning of the year, and the declining resistance line is about to intersect the rising support line. We should then expect a major breakout, up or down.
I suspect we are dealing with the interaction between a possible event and a definite event. The possible event is a collapse in the price of Bitcoin, the definite event is the start of the Shimmer staking period. If the price of Bitcoin collapses, then I don't think staking will save MIOTA from going under $1. And this is the breakdown that the IOTA chart is pointing to. On the other hand, if BTC goes back over $60k over the next few weeks, then I think the breakout is going to be bullish, taking us well over $2.
But whatever happens, I think it unlikely that MIOTA will be $1.xx at the end of the year.
No comments:
Post a Comment