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IOTA is the tenth largest cryptocurrency in terms of market capitalization. While a few pieces in the top 10 are trying to recover from their recent lows, IOTA continues to struggle.

The ugly conflict between the IOTA team and a group of outside researchers is not helping either. Some believe that the founder of IOTA and his team have handled the entire episode immature way, raising questions about the ability of the team to go further in the project . Nevertheless, the price of IOTA has not collapsed, which shows that investors have not completely abandoned the team.

Now let's look at the technical picture of the IOTA / USD pair.

Weekly

<img alt=" IOTA "src =" http://cointelegraph.com/storage/uploads/view/3df65d24cfd0b6959455b949b5760dde.png "title =" IOTA "/>

IOTA remained limited From mid-June to mid-November of last year, cryptocurrency went from $ 0.33870 to $ 5.59 from early November to early December , a yield of 1550% in the space of five weeks

Cryptocurrency remained volatile for five weeks, after having reached a low of $ 1.2 at the beginning of February, after reaching its lowest level in five weeks, the fourth week of consolidation near the troughs.

The previous consolidation lasted only five weeks, while the other pieces were trying to ck, maybe we expect an upward movement in the pair IOTA / USD?

Let's look at the daily charts in. to identify the levels that will confirm that consolidation is complete.

Graph of the day

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<img alt=" IOTA "src =" http://cointelegraph.com/storage/uploads/view/a4442acb126acd66ec084841dda9ae36.png "title =" IOTA "/>

The cryptocurrency tries to keep the 78.6% retracement of the entire rally from $ 0.33870 to $ 5.8 Since February 2nd of this year, it has remained between 1 , 5 and 2,2117 dollars

In addition, we find a symmetrical triangle formation at the bottom with a price trying to detach it.

Moving averages are falling, but the IOTA has exceeded the 20 days of the EMA.The SMA at 50 days is getting closer to the upper limit of the range at $ 2.2418

If the price comes off and gets firm (UTC) above the range, it has a target of $ 2.9234 The major resistance is also visibly at $ 3 with only a minor resistance at $ 2.62

D & # 39; aut Secondly, if the IOTA breaks down and closes below the range, it has a target of $ 0.7883. At the same time, the support area between $ 1.1 and $ 1.2 is likely to attract buyers

So what should traders do?

We do not find any commercial configuration in the range. However, once the price has reached and closed above $ 2.23, long positions may be initiated with an appropriate stop loss. If the bulls manage to break $ 3, a $ 4 rally is possible. Traders should avoid bottom fishing if the virtual currency breaks down.

Market data are provided by exchange HitBTC . The analysis diagrams are provided by TradingView .