Like the rest of the market, IOT/USD aggressive traders can begin loading at spot thanks to Nov 4 close above the minor resistance trend line. But, the real impetus is the effort by the IOTA Foundation to create avenues where corporations can easily integrate and make use of Tangle.
Latest IOTA News
That IOTA has a lot of user cases is true. No doubt, the demand for IOTA’s tangle is high. As a matter of fact, in the last 12 months, more than 600 organizations have shown their interest according to David Sønstebø, the founder of IOTA. And it is not even 2019, the year many say will see widespread adoption and actual use of blockchain platforms.
— IOTA (@iotatoken) July 25, 2018
It is for this reason that players at IOTA are keen on expanding the ecosystem by bringing in more people working towards simplification. By that the IOTA Foundation plan to release more technical documentations, guides as they work towards creating a marketplace that redefine ownership, trust and value.
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David views the lack of third-party integrator as a major obstacle towards global adoption but once avenues open up and everything fall in place then IOTA shall take off. People, David asserts, need to take the initiative and learn basic programming as there is a gap to be filled.
While IOTA is keen on global adoption, supporters can now buy and instead of keeping their coins at exchanges they can transfer them to their Ledger Nano S via Romeo or Trinity wallets.
IOT/USD Price Analysis
As the market recover, it’s clear that IOTA is also finding strong support at the 40 cents-50 cents area. This zone could help propel IOT/USD prices back towards parity now that prices are down 95 percent from 2017 highs. This is likely but first, since prices are trending inside week ending Aug 12 high low, we need to see strong gains above 90 cents.
When that prints, then bulls would officially be in charge and trading within a three-bar bullish reversal, morning star pattern off the psychological 50 cents mark. If not, then conservative, long term bag hodlers are better off staying on the sidelines as IOT/USD consolidate within a 40 cents range.
Back to the daily chart and bulls seem to be in charge. In line with our previous IOT/USD trade plan, we recommend buying at spot now that prices are trading above the minor resistance trend line at the back of high trading volumes of Nov 4.
Even though prices have been correcting in the last few days, we suggest buying at spot with stops at Oct 11 lows at 47 cents. While it is ideal for IOT/USD prices to break and close above 90 cents, conservative traders can begin buying once prices edge above 60 cents.
This level marks Oct highs and the complete reversal of Oct 11 losses.
All Charts Courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.
Author: Dalmas Ngetich