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IOST Breakout Analysis – Parabolic Breakout on IOST with +106% Gains in a Week
IOST is trading in uptrend here like many other altcoins. The Cryptocurrency IOST just went up +47% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +106% in a week.
What is IOST?
IOST describes itself as an “ultra-fast,” fully-fledged and decentralized blockchain network and ecosystem with its own nodes, wallets and based on the “next-generation” consensus protocol dubbed “proof-of-believability.” IOST’s blockchain infrastructure is open-source and designed to be secure and scalable — all in the hope that it will serve as the backbone for online services in the future.
IOST Quick Stats
| SYMBOL: | IOST |
| Global rank: | 67 |
| Market cap: | $498,737,502 AUD |
| Current price: | $0.0305 AUD |
| All time high price: | $0.1772 AUD |
| 1 day: | +47.35% |
| 7 day: | +106.94% |
| 1 year: | +295.7% |
IOST Price Analysis
At the time of writing, IOST is ranked 67th cryptocurrency globally and the current price is $0.0305 AUD. This is a +106.94% increase since 10th January 2021 (7 days ago) as shown in the chart below.
If we see the above 1-day candle chart, IOST did a strong breakout from the falling wedge pattern while trading sideways from the last few days around $0.02471 AUD price levels & is now heading towards its major resistance of the month. After BTC made a new all-time high in its price recently and Altcoins are also rising in a bullish trend, IOST looks well-positioned to hit the next high price levels.
“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”
What do the technical indicators say?
The IOST TradingView indicators (on the 1 day) mainly indicate IOST as a strong buy, except the Oscillators which indicate IOST as a buy.
So Why did IOST Breakout?
The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying IOST for the next Altcoins rally & it could also be contributed to some of the recent news of IOST Staking Rewards.
Recent IOST News & Events:
- 31 December 2020 – NFT Deployment
- 31 December 2020 – Richer Node System
- 31 December 2020 – User Privacy Improvement
Where to Buy or Trade IOST?
IOST has the highest liquidity on Binance Exchange so that would help for trading IOST/BTC or IOST/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
