IOTA price analysis: IOT/USD struggling with recovery, but partnership with Kontakt.io cements IOTA as an Internet of Things solution provider
|- IOTA partners with Kontakt.io as the price explores new May lows.
- IOT/USD could continue to correct lower toward the weekend trading session.
IOTA price is threatening to break below the immediate support level at $1.60. On the other hand, the upside has also been limited within a contracting triangle as seen on the chart. Attempts to correct higher have led to successive minor crashes where IOT/USD is trading lower highs and lower lows.
Although IOTA is drowning in selling pressure like the other major coins, the network has been making strides to ensure that IOTA has a future. The latest partnership is with Kontakt.io according to a Twitter message released on Thursday 17. Kontakt.io is a platform for sharing location that has been built to ensure sales are secured. An official blog post by Kontakt.io comments on the partnership:
“By leveraging mechanisms of Distributed Ledger Technology, the Kontakt.io and IOTA solution is going to ensure that device-to-device and device-to-cloud communication of telemetry streams is encrypted and the data itself is unalterable. Manufacturers, carriers, inspectors, technology providers, and consumers alike will benefit from this technology. It will increase trust and transparency, ease dispute resolution, result in better compliance breach detection, and consequently prevent faulty products from being delivered to consumers.”
This type of partnership is to cement the future for IOTA, besides they help to develop the ecosystem. The price might not react to this partnership with Kontakt.io but it is positioning itself as a go-to platform for the Internet of Things solutions.
IOTA price is exchanging hands at $1.69 but there is a slopping trend in progress on the charts. IOT/USD is immediately supported at $1.60, while on the upside the immediate resistance is at $1.80. The next target is at $2.0 but the selling pressure at $1.9 must be overcome to allow the cryptocurrency to gain momentum. The Relative Strength Index (RSI) is approaching the oversold levels at 30 which could signal buyers to enter the market. However, the simple moving averages on the same 1-hour chart signal the dominance of sellers towards the close of the session.
IOT/USD 1-hour chart
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