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IOTA price analysis: IOT/USD recover from losses, but upside momentum is fading away

  • IOTA has gained 5% on a daily basis, but the recovery is limited.
  • IOTA  Foundation announces new partnership with  ENGIE Lab CRIGEN.

IOTA, now the 11th largest coin by market value, is changing hands at $0.5790, 6.5% higher on a daily basis. Over the recent seven days, the coin lost 18% of its value. IOT/USD is moving in sync with other main digital assets, recovering from the recent slump.

IOTA has a market capitalization of $1.6B, while its average daily trading volume reaches $43M. The coin is most actively traded at Btfinex with 44% of all trades attributed to IOT/USDT.  

Meanwhile, IOTA Foundation continues to develop the projects that might prove to be transformative and change the way we do everyday things. The most recent partnership with  ENGIE Lab CRIGEN will bring blockchain technologies to  energy ecosystem, making it smart with  IOTA Tangle and  IoT domains.

ENGIE Lab CRIGEN is a research center focused on gas and energy segments and   an expert in electricity, natural gas, and energy services.  

Philippe Calvez, Research Lab Manager from  ENGIE Lab CRIGEN commented:

“To continue a fruitful collaboration with IOTA, we wanted to strengthen our links with The IOTA Foundation. Many works and Proofs of Concept have already been realized in the Lab and we would like to participate in larger projects in France and abroad, in order to concretize and extend the use of innovative DLT technologies like that offered by IOTA in different business activities of ENGIE.”

IOTA’s technical picture

From the technical point of view, IOT/USD is capped by SMA50, 1-hour at $0.5925), followed by psychological $0.6000 and SMA100, 1-hour at $0.6506. A sustainable break higher is needed to maintain recovery and take the price towards $0.7000,  which is critical for the short-term IOTA’s perspective.

On the downside, the nearest support comes at $0.5720 (intraday low). The ultimate support is created ny Thursday’s low at $0.5300.

IOT/USD, 1-hour chart

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