TL:DR
I love and I hate IOTA. It is one of my top 5 holdings because (1) it is very different from everything else (2) has feeless transactions (3) is a registered nonprofit in Germany giving it legitimacy and accountability (4) They have an impressive cadre of scientists, mathematicians, developers, and businessmen (5) they have partnered with many big name IoT companies...
BUT...(1) by this time they really should have released a beginner friendly wallet, FAR too many people are turned off by their wallet causing them to lose potential community members and developers (2) they are nowhere near their claim of horizontal scalability, even with troves of active community members spamming the network (3) deadline issues (4) just plain bad PR
Then there is 'Q', the elusive white whale of the Iota community. Who knows what or how far away we are from it so it's a neutral for me.
For now I can forgive their faults as they openly admit they are in Beta and don't expect to be fully functional til Q4 '18 or Q1 '19. Although they need to fix their wallet 5 months ago.
In terms of price action we saw Iota lead the market upward on news back in April. Unfortunately the news was just that, news. They published a new website, the announcement and details of the Ecosystem, and the announcement of 'Q'. No finished products, nothing that actually increases its adoption and use. Unsurprisingly we have seen it fall with the rest of crypto.
Iota looks to have formed a wedge or pennant pattern. Many chartists have called a Head and Shoulders pattern on IOTA (and many other Alts) which I do not agree with. Just to be complete, though, I have marked the Head and Shoulders target area which is between $0.965 - $1. I believe this signal is just noise and not a valid H&S but time will tell.
The 33% retrace line held as support on 5/7 but has since been broken and will act as resistance as seen on 5/15. The 50% retrace also acted as support but has since been broken and is currently acting as resistance along with the top of the wedge.
Next look to the 66% retracement area which I expect will act as stronger support and will hopefully be where we bounce higher and break through the pennant. HOWEVER, this chart doesn't show me strength and, unless there is some legitimate good news to increase adoption, I expect we actually move lower toward $1.36.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
I love and I hate IOTA. It is one of my top 5 holdings because (1) it is very different from everything else (2) has feeless transactions (3) is a registered nonprofit in Germany giving it legitimacy and accountability (4) They have an impressive cadre of scientists, mathematicians, developers, and businessmen (5) they have partnered with many big name IoT companies...
BUT...(1) by this time they really should have released a beginner friendly wallet, FAR too many people are turned off by their wallet causing them to lose potential community members and developers (2) they are nowhere near their claim of horizontal scalability, even with troves of active community members spamming the network (3) deadline issues (4) just plain bad PR
Then there is 'Q', the elusive white whale of the Iota community. Who knows what or how far away we are from it so it's a neutral for me.
For now I can forgive their faults as they openly admit they are in Beta and don't expect to be fully functional til Q4 '18 or Q1 '19. Although they need to fix their wallet 5 months ago.
In terms of price action we saw Iota lead the market upward on news back in April. Unfortunately the news was just that, news. They published a new website, the announcement and details of the Ecosystem, and the announcement of 'Q'. No finished products, nothing that actually increases its adoption and use. Unsurprisingly we have seen it fall with the rest of crypto.
Iota looks to have formed a wedge or pennant pattern. Many chartists have called a Head and Shoulders pattern on IOTA (and many other Alts) which I do not agree with. Just to be complete, though, I have marked the Head and Shoulders target area which is between $0.965 - $1. I believe this signal is just noise and not a valid H&S but time will tell.
The 33% retrace line held as support on 5/7 but has since been broken and will act as resistance as seen on 5/15. The 50% retrace also acted as support but has since been broken and is currently acting as resistance along with the top of the wedge.
Next look to the 66% retracement area which I expect will act as stronger support and will hopefully be where we bounce higher and break through the pennant. HOWEVER, this chart doesn't show me strength and, unless there is some legitimate good news to increase adoption, I expect we actually move lower toward $1.36.
***This is not investing advice. I am not an investing professional. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.