IOTA Price Analysis: MIOTA Has Made Encouraging Technical Progress

  • IOTA continue to expand and collaborate on new projects with other organizations.
  • Bulls defy the odds to breakout from a bearish technical set up. Eyes on a recovery back towards pre-November drop levels.

MIOTA price has gradually seen a renewed amount of bullish sentiment and is trading within its third consecutive session in the green. This comes after weeks of selling from the start of November well into December. Of late, a bottom area has been formed, around the $0.20 mark, which has seen the bulls capitalize on.

It is worth noting, however, that any bull run that has observed continues to be sold by the bears at quite some force. Despite this, most recently the price has made promising developments, given a break away from a bearish technical set up.

Strong Fundamental Developments

Recently, the IOTA foundation had announced a new collaboration with NEXT Biometrics, a global leader in fingerprint sensor technology.  The two organizations will be working together in the development of Internet of Things solutions. This is to then be integrated within NEXT’s leading fingerprint sensor technology and IOTA Foundation’s open-source protocol.

The IOTA foundation’s goal is the promote the development and standardization of Distributed Ledger Technology (DLT). Their Tangle is a DLT which is designed for the Internet of Things. This is an open-source protocol that enables machine-to-machine (M2M) engagements. This covers data transmission, in addition to real-time micropayments without charges. It also covers the acquisition and dissemination of information that is sensor-based. As a result, both IOTA and NEXT Biometrics will create synergies from their own existing technical knowledge and experience.

This comes after recent positive updates on the IOTA and Audi partnership, as reported at Hacked in the article last week.

Technical Review – IOT/USD

IOT/USD daily chart

IOT/USD price action had been moving within a bearish pennant pattern set up since 7th December. This formation took place after the steep fall that initiated from November into December. The bulls managed to breakout to the upside from this pattern, most recently on the 16th. This occurred after the odds appeared to be heavily stacked in the favor of the bears amid this current formation.

Furthermore, given the most recent move north, looking to the upside choppy resistance can be eyed around $0.3000-$0.3500 area. This could very well be the bulls first barrier to tackle. Ultimately, a return back to pre-November fall levels will be sought upon. As a result, a return back within the $0.5000 territory, which is some 100% away, at the time of writing is the next major target.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.