Since the beginning of 2019, IOTA prices have swung wildly in different directions. Charts show a trending bullish pattern emerged between the 6th and 24th of February 2019 as the prices rose by nearly 38% to a peak of 0.336 USD/IOTA.
However, the market soon crashed in multiple stages as all momentum fizzled out. In the first stage of the price crash, the prices bottomed out to 0.283 USD/IOTA by the end of 25th February.
With the momentum reversed, the market has traced a classic bear flag in two subsequent sections. The first one, Flag1, being between 25th February and 3rd March and the next one, Flag2, between the 4th and 11th of March.
Usually, at the end of each bear flag cycle, the support lows are decimated and the prices drop sharply as markets fail to reject lower prices. This is exactly what has transpired at the end of Flag1. With the current bear flag nearing the end of its cycle, prices are expected to drop sharply again.
The current support low of 0.282 USD/IOTA has already been breached and a decline in the prices are already noticeable. The current downward trend angle being around 8 degrees, a price point around 0.268 USD/IOTA is a very realistic target for the near future.
#IOTA just launched a Testnet without a coordinator. Basically, they are just about to remove the last obstacle to become the new decentralized standard for #IOT. Still, the price doesn't move. Market manipulation or stupidity? $Iota #Coordicide
— Nano Lover (@nanolover2018) March 7, 2019
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