IOTA is rapidly approaching our key resistance level when traded versus the USD. While the majority of cryptocurrencies appear to have entered a new bullish market sentiment, IOTA’s recovery speed is among the faster ones. This has a lot to do with the company’s projects, partnerships, and vision.
Recent Developments
In a Tweet on Thursday, IOTA revealed its partnership with a company called Elaad, a center of education and smart technology development that operates in the Netherlands. On Wednesday, Elaad released the first charging station in the world where charging and paying can be done with IOTA. The charger is part of the new ElaadNL test site.
Moreover, IOTA was heavily featured at a major industrial conference in Germany on Sunday. The conference is called the Hannover Messe. It is one of the biggest industrial trade shows in the world.
IOTA/USD Technical Analysis
Looking at its price action on the daily chart versus the USD, it has confirmed a break above the Ichimoku cloud.
The Tenkan line and the Kijun line of the Ichimoku Kinko Hyo standard setup have also had a crossover. The Chiko span has yet to cross above the cloud, which makes us believe we could see a pullback before the key resistance levels are reached.
These levels are at the 61% and 50% Fibonacci retracement levels of $2.42 and $3.09. The pivot level is at $1.5 while the support level is at $0.92.
About IOTA
IOTA’s mission is to enable the true Internet-of-things through machine economy. Some have called IOTA a revolutionary cryptocurrency and platform.
A big difference between IOTA’s platform and Bitcoin is that IOTA doesn’t actually use blockchain. Their platform uses a special Tangle log. Unlike the Bitcoin or Ethereum blockbuster, where everything is kept on the blocks, there are no blocks in Tangle IOTA. The transactions there are related in their own special scheme.
IOTA’s token is both a cryptocurrency and a system for instant micropayments without any commission.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published here.