IOTA - buyers are strong below 2 USD, do not panic sell hereTechnical:
Our target at 2.18 USD has been reached and price overextended to 2.7 USD. Right now we are witnessing a huge sell-off (-40% at peak), mainly triggered by a chain reaction of margin longs being liquidated. At the moment we are finding support at the prior resistance line around 1.9 USD. BB Mid is at 1.88 enhancing this level. From here on I am placing buy-orders down to 1.60 to potentially leverage a few more spikes to the lower support line. Personally, I would not panic sell here as a second and potentially third drop should not be that strong. These are buy levels.
Fundamental:
The progress of the Iota Ecosystem is astounding. Chrysalis part 2, NFTs and Smart Contracts will enable endless use-cases combined with a zero-fee environment. Since the supply of tokens does not increase as it does for most other coins which have miners, we could soon reach a stage in which price keeps going up, regardless of the correlation with Bitcoin . The demand will increase exponentially, once we see Iota being used to send data & pay in the m2m economy.
This is no trading advice.
Good luck!
