IOI / USDT (Kucoin) Weekly report
The IOI has shown this week that it can also go against the trend which is in the crypto market. Proof of this was the impulsive price increase of + 85% at a time when Bitcoin fell by -5% and Altcoins also doubled. On June 5, the IOI was the Top Gainer token on the Kucoin exchange, which is a huge benefit for this project. From the trader’s point of view, this is the best opportunity to make the IOI project influential and more famous. This impulse reflection was very important for the IOI coin, as it can ensure that the trend changes from a short-term correction to a rising trend.
The chart has already shown that sell volumes are declining and the desire to sell below 0.7$ is disappearing. Support spoke, making it clear that the price was already too low and demand for IOI coins had risen rapidly. On that day IOI reached a value of 1.22$, which tested a strong psychological value of 1$. We saw the largest purchase volumes just above 1$.
After such an impulse movement, the chart must rest to equalize all the indicators, and thanks to that the chart will be ready for further impulse growth. From the history of the chart, we can say that the desire to buy below 0.7$ is strong. That’s why the chart does not have to get to this value and the next impulse movement can come much earlier. Increased demand for IOI coins, project influence, and constant news releases will certainly help the IOI project increase its capitalization.
Bitcoin is located in a very interesting zone in which it will be decided whether Bitcoin will break through the consolidation structure or continue with the correction. This week we could hear negative news on the market about the regulation of cryptocurrencies, to which the market responded with a decline. Nevertheless, the market looks like we could be in the green during the summer. The consolidation of Bitcoin during the summer will cause the capital to spill over onto the Altcoins, which we see as a big advantage for the IOI project as well.
Analysis was done by TradiFy crypto trading team
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