Why IOTA is Showing a Short Term Bullish Run

Why IOTA is Showing a Short Term Bullish Run

IOTA (MIOTA) is currently trading at $0.3834 price mark, an indicator of a bullish run. IOTA’s good run can be tied to the cryptocurrency bullish run spearheaded by Bitcoin and also recent developments at the IOTA foundation.

The current gains made by IOTA come after the asset showed a slight drop between May 9 and May 11 where the asset dropped to $0.28. It is worth noting that IOTA began the year on a positive note.

On 10th January MIOTA managed to hit $0.37 mark. The lowest point of the year was reached on 6th February when the asset traded at $0.24. The current market cap and the value of each coin in terms of USD are an increase of 21% compared to April.

A sharp rejection was witnessed at the 36.2% Fibonacci, which is seen at $0.33. This is also the area of supply. The zone could be seen moving away from $0.32 up to $0.33, which has previously proven to slow down the bulls. Between that zone, the price action of IOTA started to form a bullish pattern. By the time writing, IOTA was up by 4.77% over the last 24 hours.

Based on the recent happenings within the IOTA foundation, the IOTA/USD pair may witness a consolidation movement to either back the bulls further to the northbound or to let in a series of rejection around its Bollinger Upper Band.

The current bullish trend by IOTA can be attributed to a tweet announcing a possible partnership between IOTA and Ford Germany. It emerged that Ford Germany visited IOTA Labs to see a proof-of-concept. The car manufacturer is believed to have also explored how the technology can be used to revolutionize the car industry.

If the two firms forge a partnership, it will be the second one in under a month. This comes in the wake of another partnership between IOTA and Range Rover. In the deal, IOTA cryptocurrency wallets will be installed and tested in Jaguar and Range Rover vehicles. Drivers will earn tokens by sharing information.


Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram