Despite the recovery of the altcoin market, the price of many of them has still not broken through resistance levels - IOTA is one of them. According to our previous plan, we should take operational positions in the Cardano (ADA/USD) market, since it will have bullish support - high trading volumes - if the conditions we set are met.
ADA/USD
ADA is again in the top 10 after the price of the altcoin increased by 15% over the last day. Based on our previous analysis, we expect a pullback to 6 cents, and after continued bearish pressure - especially if traders do not actively participate in the price recovery.
On the charts we see a “morning star” pattern with above-average volumes, which for aggressive traders is a signal to buy on every dip. Ideally, we recommend placing stops at the November 25 low of 3.3 cents, and targeting 6 cents.
IOT/USD
The thing is that the Internet of Things has a large number of use cases, which in turn increases the demand for IOTA. At the moment, the price of IOT has increased by 15%, the coin is in 13th place in the liquidity list.
On the charts we see that the IOT/USD trading pair found support at 30 cents, and today its price may rise even higher, confirming the three-bar pattern reversal, and trigger short-term buying with targets at 50 cents once bulls break above the Nov. 24 high of 33 cents.
Ideally, we want to see a rise in price accompanied by a rise in volume, resulting in a break of trend line resistance. Once this happens, we recommend buying dips with first targets at 50 cents and then at 90 cents.
According to www.newsbtc.com
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