IOTA to collaborate with STMicroelectronics, market reacts positively before bears step back in

• The collaboration will deliver  IoT  integration capabilities to the ST user community.
• Customers will be able to easily create and prototype new IoT solutions for single or multiple devices.

The IOTA Foundation announced that they are collaborating with global semiconductor leaders STMicroelectronics. This partnership will lead to the integration of IOTA’s Tangle into ST’s STM32Cube expansion software for the industry-leading STM32 32-bit MCU ecosystem, the X-CUBE-IOTA1. The main aim of the collaboration is to deliver the Internet of Things (IOT) integration capabilities to the ST user community. It will allow customers to easily create and prototype new IoT solutions for single or multiple devices.

Alessandro Cremonesi, STMicroelectronics VP System Research and Application, said:

“By enabling IOTA functionalities via the X-CUBE-IOTA1 expansion software for STM32Cube software technology, developers can now easily include IOTA features and capabilities in their IoT devices and create valuable applications using the STM32 Open Development Environment, which combines the STM32 32-bit microcontroller family with other state-of-the-art ST components.”  

Holger Köther, Director of Partner Management, IOTA Foundation, said:

“With specialized hardware playing such an integral role in the Internet of Things market adoption, it is exciting to work with such partners as ST to enhance IoT’s role as an innovation facilitator. The IOTA Foundation welcomes the opportunity to work with enterprise leaders like ST to expand our mission of moving beyond blockchain with the world’s first scalable, feeless and fully-decentralized DLT platform, partnered with the world’s leading technology firms.”

IOT/USD daily chart

Following the news of the collaboration, the price of IOT/USD went up from $0.29 to $0.31, where it met resistance. Since then, the daily chart has had two bearish sessions, taking the price down to $0.30. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 20 has crossed over with the   SMA 200, which is a heavily bearish sign.

The Elliot wave oscillator has had eight straight bullish sessions, while the moving average convergence/divergence (MACD) indicator shows that market momentum has turned from bearish to bullish.