IOTA Could Recover to $0.4000 on Fed’s Dovish Stance
IOTA (IOT) is trading flat at $0.3305 this week, underperforming the broader crypto market where Bitcoin (BTC) has risen 1.7% to $105,358. The much-anticipated Donald Trump inauguration week has not delivered the optimism many in the crypto community had hoped for. Expectations of an announcement regarding U.S. Bitcoin reserves remain unfulfilled, leaving the market under pressure. However, this may still be Trump's trump card, held back for strategic impact.
Despite the broader disappointment, Trump has injected some positivity into the market by urging the Federal Reserve to cut interest rates. On this news, IOTA rebounded, adding 7.0% and recovering from its support level at $0.3000. Should the Federal Reserve heed Trump's call next week and issue dovish signals, IOTA could rally further, potentially targeting the $0.4000 level.
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