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  • IOTA’s surge is directly connected to the news that the network is partnering Jaguar.
  • Jaguar is testing a “smart wallet” that is leveraging the IOTA protocol.
  • A weak bullish trend is building at $0.31719 with bulls eyeing $0.3200.

IOTA is the market leader in the cryptocurrency market. The assets spiked incredibly spewing fireworks above the cryptocurrency horizon with gains that hit past $0.3200 following a more than 12% surge on Monday.

IOTA’s surge is directly connected to the news that the network is partnering Jaguar; the premium car manufacturer. Jaguar is said to be testing a “smart wallet” that is leveraging the IOTA protocol. On launching the “smart wallet” Jaguar is going to be rewarding car users for the data they share while driving as well as “pay for tolls, parking, and charging for electric cars” in cryptocurrency.

The news settled in well with investors and traders taking their positions. From the lows around $0.3351 recorded on Friday last week, IOTA scaled the levels above the 50 SMA, 100 SMA as well as EMA200. Further gains in three successive candlesticks stepped above $0.3000, $0.3100 and $0.3200 hurdles. However, the crypto lost steam short of $0.333 resulting in a slight retracement to $0.3100. Meanwhile, a weak bullish trend is building at $0.31719 with bulls eyeing $0.3200; a move that is expected to pave the way for a correction above $0.3300.