📈 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.
🟡 Tokens are distributed among the Tangle Ecosystem Association, IOTA DLT Foundation, and IOTA Foundation.
🟡 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 trade❔
💬 Entry: upon confirmation of rejection from the current resistance level. Stop-loss: above the resistance level. Take-profit: in the support level cluster below.
💬 Risk/reward ratio: acceptable, but if you want better – wait for a small pullback upward.
💬 Alternative scenario: if the price breaks through the resistance level upward – consider buying.
💬 But before entering, be sure to evaluate the risk/reward ratio – it may not be the most attractive. Stop behind the extreme, profit – before the next level above.
Conclusion:
Today's token unlock may create short-term price pressure – the perfect moment for those looking to enter a short.
📈 Open a trade with $IOTA
🔗 Chat • X • JioCoinsX