IOTA price has retreated to potential reversal area
IOTA is a revolutionary open-source and distributed ledger. Instead of relying on blockchain, it is based on a very private invention called Tangle. The platform allows connected devices to transfer digital currencies in the form of micropayments. In addition, the platform has no transaction fees, which is optimal for the micropayment infrastructure.
Recently, IOTA constantly has new partnerships that show a positive sign in adoption.
The IOTA Foundation announced the partnership with Future Farm in Norway in a blog post on December 10. Future Farm will use the basic data structure of IOTA, Tangle, to create a new data infrastructure for shared truth and greater transparency among all parties in the fresh milk industry.
Earlier, in a Medium post on December 7, Volkswagen announced a partnership with IOTA to present proof of concept (PoC) on how the IOTA system can be used for autonomous cars.
BiiLabs, Taipei-based Blockchain-as-a-Service company, announced a partnership with Yallvend, the developer of the smart vending machine, through the use of fixed Decentralized list (DID) of IOTA Tangle technology.
From a fundamental standpoint, there is little reason for selling off. However, despite the positive fundamentals, IOTA prices showed no signs of a breakout, still trading in a tight range of $ 0.19 – $ 0.22 from the end of November.
Source: Trading view
From a technical standpoint, all the factors are clearly falling, traders can only trade short positions (for sale) on IOTA as long as the price remains below $ 0.20. The seller’s discount target is set at $ 0.194. A breakdown of this support will restore the downside momentum.
IOTA’s downtrend began at the end of October. During this time, it has lost more than 20% of its value.
However, the options trader ‘Ace’ is still optimistic that the price may be ready to start reversing when prices have retreated to an important support area. He outlined this support area in a tweet, indicating the price is ready to move up.
$iota is time to pay up.
Watching support strength . One consolidation block below if i wanted to grab lower, the lowest zone id personally would play. pic.twitter.com/h8ICgSsCrK
— Ace (@HackermanAce) December 9, 2019
He believes that this is the last level that will allow IOTA to create momentum and expand upward.
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
- MATIC Flash Crashed Over 70% In Just 3 Hours, Binance Is Unavoidable
- Will ETH Price Bullish When The Ethereum Network Just Recorded New Achievements?