As you can see on the chart below, IOTA has made strides on bitcoin in the last 2 weeks. It is now sitting on a crucial support/resistance zone right above the Fib236 line at 3135 sats. IOTA needs to secure this zone before mounting a move up. However, with new positive news about notable partnerships, Iota hodlers certainly hope it can do some good to the price. Unfortunately, historical observations teach us differently – IOTA almost regularly fails to cache in the good fundamentals.
So, any noteworthy move upwards can come only through and after a market wide move.
Total market analysis
Overall market has shown some signs of life and made a nice rebound from the local bottoms it touched last week.
Market cap is now at $224 billions and is about to hit confluence point of its moving averages that will act as its first resistance level on the way to recovery.
Make sure to store your IOTA coins in a safe wallet. Here is a list of top IOTA wallets.
Bear in mind that the data from Tradingview is a bit different from the one from coinmarketcap and Tradingview puts the overall market cap almost $8 billions lower than CMC.
As you can see, it is about to hit a horizontal resistance level of $219 billion and right above it is the meeting point of its moving averages. If the market cap manages to burst through these resistances, we are in for some nice gains market wide.
The Crypto fear and greed index is also looking much better as the needle travels north, reaching the 38 points on this scale that uses 5 different source of information to calculate its value – Volatility, volume, social media, google trends, dominance. As a reminder, the pointer stooped to the levels of 20-25 points only couple of days ago. So the sentiment is on the rise.
IOTA will be partnering up with Zühlke, who provide expertise within the innovation of projects around technology and business.
The partnership will be focusing on impacting the industry via the creation of machine-to-machine technology innovation in the manufacturing and machinery sectors.
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