The Iota price seems to be bullish rather than bearish, especially in the medium term. But now it will be interesting to see whether the iota price will correct downwards. So let's take a look at where the Iota course is heading next!
Lota Price Forecast - Intact Trend Line
The Iota course has had an intact, bullish trend line that has not yet been broken. In this respect, the bull trend is still intact, even though the Iota course has already reached the golden ratio. If the support at $0.3176 does not hold, the iota price will find further support between $0.265 - $0.29 and at ±0.22 where the golden ratio lies.
Lota Price Forecast - Rejected At Trend Line
The Iota course has not yet managed to break the trend line. This currently acts as a very strong resistance. The RSI is also weakening slowly and there has been a downward outlier, at least on Bitfinex, which has reached the 50-day and 200-day EMA. These seem to have crossed each other bullishly at the moment, meaning that the Golden Crossover has now also entered the Iota daily rate. This serves as a confirmation of the medium-term bull trend.
Lota Price Forecast - So Far Rejected
So far the Iota price against BTC was rejected at the resistance between 0.00004032 BTC - 0.00004313 BTC. The Iota price is supported between 0.00002325 BTC - 0.00002738 BTC. If the iota price should break the resistance through which the 50-week EMA also runs, it will again find strong resistance at the golden ratio, at ±0.000049 BTC.
Lota Price Forecast - Golden Ratio Support
So far, the Golden Ratio has served excellently as support. As the Golden Ratio is the main part of the 200-4h EMA, the IOTA course will find additional support there. Thus, the 0.000030 BTC mark still has a chance to hold as support and avert a stronger correction. If this should happen, the IOTA price must overcome the 0.000034 BTC where the 0.382 Fib level serves as resistance.
ETN/USD DAILY CHART
ETN recently reached a very strong support zone, between 0.00000037 BTC and 0.00000041 BTC and surged by 54 percent all the way up to the resistance between 0.00000056 BTC and 0.0000006 BTC. While the volume is steadily declining, the price managed to form a higher high and a higher low, which can be considered bullish.
ETN/USD DAILY CHART
Interestingly enough, the Electroneum price reached exactly the golden pocket, where it was harshly rejected. However, Electroneum is currently in an upward channel and found strong support at the 50-day-EMA as well as the 0.382 fib level, which are both at 0.0039 $.
Right now, ETN is fighting with the 200-day-EMA, and in order to continue its uptrend, ETN needs to surpass the 0.00411 $ price level.
After all, ETN reached very low price ranges and has plenty of room towards the upside. Currently, there are no significant hints at a continuation of the downtrend, other than the rejection of the golden ratio level. Hence, if ETN breaks its resistance between 0.0044 $ and 0.0046 $, ETN can be considered bullish again!
This year is going to see the entire Electroneum project come together after a couple of years of software development. Cellcard, a major Mobile Network Operator in Cambodia, has just announced that they are working directly with Electroneum to allow the people of Cambodia to buy airtime and data directly with ETN. This is the first of many places to spend ETN in Cambodia and is ETN's first launch of one of the many locations in South East Asia.
- So far, the Golden Ratio has served excellently as a support. As the Golden Ratio is the main part of the 200-4h EMA, the IOTA course will find additional support there. Thus, the 0.000030 BTC mark still has a chance to hold as support and avert a stronger correction. If this should happen, the IOTA price must overcome the 0.000034 BTC where the 0.382 Fib level serves as resistance.