In our previous IOTA forecast, we mainly looked at the USD pair and wrote that the price should have some support. Meanwhile, the price of bitcoin was able to make new lows. Iota, on the other hand, has held up quite well and is at the same level as before. For that reason, let’s take a closer look at the Bitcoin pair to assess whether IOTA is a better investment than Bitcoin right now.
However, nothing earth-shattering has changed for the USD pair. The IOTA price reached a new low with today’s weekly candle, which was previously declining, but the price remained well above the level of support of +/- $ 0.25. However, we should be cautious as we believe it is only a matter of time before the $0.25 support level is broken. If that’s the case, we think prices around $0.13 are realistic.
Why Is Iota Outperforming Bitcoin?
The Iota curriculum has been able to reach a supportive and psychological level in the last few weeks. This is 0.00001 BTC. The current weekly candle will most likely close in a bullish manner, leading to what is known as a bullish engulfing candle. This candlestick pattern mostly signals a trend reversal, which is why we believe IOTA price will continue to outperform Bitcoin.
How long will Iota outperform Bitcoin?
The next resistance is near 0.00002BTC, which is why another increase of +/- 50% is possible. If the current weekly candle closes like this, we take future growth as confirmation. There may be slight losses early in the week as the daily chart is a bit hot. In the medium term, however, things look more bullish than bearish.