IOT/USD price analysis: Bulls attempt price recovery following IOTA certificate upgradation

  • IOT/USD is currently trading for $0.304.
  • IOTA upgraded its certificate service with an API and is open for third-parties.

IOT/USD is on the verge of having three bearish days in a row, wherein the price fell from $0.356 to $0.304. During Monday, the price dropped to $0.288 where it finally found support when the bulls were buoyed by the news of IOTA’s certificate upgradation. Holger Köther, the Director of Partnerships at IOTA Foundation, posted on LinkedIn that IOTA upgraded its certificate service with an API and is open for third-parties. He wrote:

“I am excited to share that we have upgraded the IOTA certification tooling with an API and will make it available for 3rd party without cost. This means that we invite any university, corporate or other institution to create and immutably secure their own certificates on the IOTA Tangle, including their own custom design.”

After finding support on the $0.288-level, the bulls have crept the price up to $0.304 following repeated bearish corrections. The bulls will want to overcome resistance at $0.306.

IOT/USD daily chart

The daily price chart shows that IOT/USD had a bearish breakout from the green Ichimoku cloud. The $0.356 level has acted as strong resistance to the market. The moving average convergence/divergence (MACD) shows increasing bearish momentum as the signal line keeps diverging away from the MACD line. The Elliot oscillator shows six straight bearish sessions with growing intensity. The relative strength index (RSI) indicator has crept into the oversold territory.

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