The mighty IOTA has broken down past numerous psychological and technical levels to retest the $1 handle, finally finding support at $1.11 or so. Of all cryptos, it faced one of the most vicious setbacks. This has forced us to rethink our Elliott Wave
interpretation, reconfiguring our representation to render yesterday’s price action as the corrective phase. Though IOTA still looks weak, it is likely that we will not see $1 IOTA again. As of this writing we are comfortably ensconced in the mid $2 handle, $2.50 at the time of this writing.
Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here
For daily commentary on cryptocurrencies, subscribe to our newsletter