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Most investors are happy with the recent pullback in the price of most cryptocurrencies. There is a possibility that IOTA trades below $0.15 in the near future. However, for IOTA (MIOTA), it could go either way after it has surged to $0.335 and gained 34.44% in the past 24 hours. At the time of writing, the 24 hours low and high prices of MIOTA were $0.237 and $0.3403. It holds the possibility of reaching a new bottom after attaining a 90-days low price of $0.2759 on May 12th, 2022. Next, let's explore the possible consequences if IOTA trades below $0.15 or nears that level. Here are a few:
- A high re-bounce to trade around $0.45
- A consolidation to determine the next move
- A dip breakout to trade below $0.1.
A High Re-Bounce to Trade Around $0.45
A price-dip of IOTA trades below $0.15 is likely to occur soon. If this happens, the present re-bounce that had made it surge by over 34% in the past 24 hours would be a minimum pullback. The extreme buyers' continuous pressure would give it a high uptrend to regain the recent losses.
A Consolidation to Determine the Next Move
At about $0.15, IOTA might experience consolidating prices for some days. The reason for this is that most investors and traders want a clear signal before deciding on their next move. MIOTA holders should expect a consolidation of the market to last for some time unless a major update or change occurs within the IOTA ecosystem.
A Dip Breakout to Trade Below $0.1
Sellers might wish to cash out from the market to minimize their losses. Consequently, this could trigger a selling pressure which might push the price of MIOTA below $0.1. CoinMarketCap states that more investors are likely to buy the dip at this cost, as it is almost getting close to its all-time low price of $0.07962.
Conclusion
It would be wise to invest with caution as the current market pullback could reverse the lead to a higher crypto winter than the one just experienced.