๐ Technical Analysis: Iota ( $IOTA )
Market capitalization: $350M.
Interesting timing: today, January 21, marks the unlock of 12.37 million IOTA tokens (~$1.15M), representing 0.26% of the total supply.
๐ก Tokens are distributed among the Tangle Ecosystem Association, IOTA DLT Foundation, and IOTA Foundation.
๐ก On the IOTA chart, a clear reversal candlestick pattern has formed with a bounce off the level. An excellent opportunity to enter a short position.
How to tradeโ
๐ฌ Entry: upon confirmation of rejection from the current resistance level. Stop-loss: above the resistance level. Take-profit: in the support level cluster below.
๐ฌ Risk/reward ratio: acceptable, but if you want better โ wait for a small pullback upward.
๐ฌ Alternative scenario: if the price breaks through the resistance level upward โ consider buying.
๐ฌ But before entering, be sure to evaluate the risk/reward ratio โ it may not be the most attractive. Stop behind the extreme, profit โ before the next level above.
Conclusion:
Today's token unlock may create short-term price pressure โ the perfect moment for those looking to enter a short.
๐ Open a trade with $IOTA
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