Despite a bearish trend in the broader crypto market, IOST price has risen by about 18% today, attracting investors. The analyst behind the Super Tradeish YouTube channel explores whether this is the ideal time to invest in IOST by examining entry prices and profit potential.
On the daily chart, the IOST price has been exhibiting a pattern of higher highs and higher lows, a classic indicator of bullish momentum.
However, Super Tradeish advises caution, suggesting that waiting for a pullback to key support levels may provide a safer entry point. This strategy could reduce the risk of purchasing at a peak during a volatile market.
IOST Profit Targets and Strategies
He noted that the 4-hour chart shows the IOST price at the top of an upward channel. The analyst recommends that potential investors look for a retracement to around $0.006514 or even lower to $0.005734 before considering a purchase. These levels are viewed as strategic entry points where the risk-reward ratio could be more favorable.
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Super Tradeish outlines specific profit targets based on these entry points. If an investor buys at $0.006514, aiming for a profit at recent highs could yield a 32% gain. For those entering at the lower support of $0.005734, the potential profit could reach as high as 50%.
While IOST price has shown impressive growth despite a market downturn, the current analysis suggests that waiting for a price pullback may present the best investment opportunity for investors looking to come in.
