- IOTA’s rejection from $0.25 could be the key for a run-up to $0.30 as it helps to create demand at lower price levels.
- US tech giant Intel new patent describes IOTA’s Tangle technology as a possible solution for fog computing.
The cryptocurrency market is finally in the green for the first time this week. However, the green has only been made possible by a selloff that took place during the European session on Thursday. Bitcoin tanked after hitting a wall close to $10,000. The fall extended towards $9,000 dragging the entire market with it including IOTA. IOT/USD was also rejected at $0.25, encouraging more bears to enter the market. A weekly low at $0.2201 slowed down the momentum, giving the digital asset balance.
At the time of writing, IOTA is has made a shallow recovery from $0.2201 to the prevailing market value of $0.2273. Interestingly, the price is still above the moving averages. Moreover, a possible cross by the 50 SMA above the 200-day SMA would signal incoming bullish volatility, likely to pull IOTA upwards.
In addition to that, IOTA is also trading above the Ichimoku Kinko Hyo. As long as the price maintains in this position, bulls will also stick to the controls. The RSI in the daily range is also recovering from the dip while the MACD is sitting comfortably in the positive region. For IOTA, the dive to $0.2201 could be the best move made to clear the stubborn resistance at $0.25. Fresh demand created at the lower price levels could also give way to higher seller congestion zones including $0.30 and $0.35.
IOT/USD daily chart
-637275275267389214.png)
IOTA Tangle technology referenced by US giant Intel
A new patent from Intel Corporation, a United States tech giant, covering the field of wireless communication, precisely edge computing in a bid to support vehicle-to-any (V2X) communication was filed. The patent was highlighted within the IOTA community this week because it referenced the network’s Tangle technology as a possible solution for implementing fog computing. The technology is geared towards making driving safer, improving traffic flow and better energy consumption. IOTA’s Tangle could help connect vehicles so that data can flow seamlessly.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Lukas Enzersdorfer-Konrad, Bitpanda deputy CEO: “Crypto needs Gary Gensler gone”
Lukas Enzersdorfer-Konrad is the deputy CEO at Bitpanda, a broker based in Europe with more than five million users. At the European Blockchain Convention held in Barcelona, the executive shared with FXStreet his views on the current state of the crypto industry and its regulation.
Bitcoin still consolidates despite positive spot ETFs demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
Why is ONDO’s price outlook bullish?
DefiLlama data shows that Ondo TVL reached a new ATH of $613.75 million. Ondo’s Supply Distribution metric shows whale accumulation. On-chain data shows that ONDO’s daily trading volume is rising, and the supply of exchanges is decreasing.
Maker price eyes a rally on technicals and on-chain metrics
Maker trades above $1,500 on Thursday, suggesting a potential rally as technical indicators show bullish divergence. This positive outlook is reinforced by MKR’s Exchange Flow Balance, which shows a negative spike, indicating growing investor confidence in the platform.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.