IOTA Propelled 21 Percent Higher After Fujitsu Partnership Announcement - IOTA News, Price Analysis. Wednesday, August 29
IOTA Propelled 21 Percent Higher After Fujitsu Partnership Announcement
IOTA like all coin in the market has been fluctuating even though the announcement of a partnership recently saw the cryptocurrency surge by more than 20 percent.
Fujitsu made the announcement that it will be partnering with IOTA Foundation in a project that will use the IOTA proof-of-concept for audit trails in the manufacturing industry.
Fujitsu said that the concept will enhance greater transparency across its supply chain taking advantage of the immutable data storage capacity of the IOTA Tangle technology.
Leopold Sternberg, program manager of Fujitsu’s Industry 4.0 Competence Center explained that “Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”
The Foundation also announced the release of the beta version of its Trinity wallet. According to IOTA, the desktop version is a “fully-feature laden app, with a fancy UI, that makes seed-generation, seed storage and sending IOTA back and forth a seamless and secure process.”
The open source code of the app which is available at the IOTA GitHub’s repository has gone through a comprehensive audit carried out by Accessec, a security company.
The application which is for Mac and Windows PCs have not yet established a reputation for downloads and may be flagged by Microsoft’s Smart Screen filter. The Foundation announced that the wallet can be downloaded on the Trinity website.
IOTA Makes Gains After Weekend Low
Despite its fast growth prior to 2018, IOTA has lost a substantial value since the coin market losses. From a peak of $5.24, the coin has lost 90 percent of its value but has recently started seeing gains again apparently due to the recent partnerships.
There has been a rekindled interest in the IOTA Tangle protocol since the news of the partnerships broke leading to a surge in the price of the IOTA token MIOTA which has increased in value by more than 20 percent. The momentum it generated seems to have impacted on a few other coins such as Dash, Vechain and NANO.
Presently, the IOT/USD pair is trading at $o.6919 at Bitfinex nearly 50 percent higher than the Saturday low. The factors responsible for the recent spike in the price are basically fundamental raising speculations that correction is imminent.
Caution optimism is advised since technical analysis is hinting bearish pressure in the near term. There is a likely resistance level located at 38 percent or at $0.7273
CCN Technical analyst Yashu Gola indicted the imminence of correction when he said, “It is likely we see an extended downside correction from here, establishing support at 38.2% Fibonacci retracement of the swing from 0.5168-low to 0.6291-high. From there, we could see price either 1) attempting a bounce back towards 0.6291, the high or 2) extending its downtrend towards levels defined at 50% and 61.8% Fibonacci retracements. If the first case comes to be true, we can expect a run towards 0.6457-fiat, the provably strong resistance from early August.”
Although currently trading at $0.7854 according to Coinmarketcap, a break in the resistance could cause sights to be set at the descending trendline as the next upward focus. Should the fundamental indicators responsible for the upsurge dry off a downward correction could bring prices to next support of $0.4024.
MIOTA/USD Price Chart, Wednesday August 29th:
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