IOTA (MIOTA) is today trending on a slightly bullish trajectory, having gained 3
This partnership could be essential in driving the demand for IOTA, as its price has decreased over the past few months. However, there are signs of recovery, as IOTA’s recent partnership with Volkswagen has led to a 15% surge in price.
At the time of writing, IOTA is trading at $0.24, and its market cap is around $1 billion. According to CoinMarketCap, IOTA’s 24-hour trading volume is estimated at $36 million, with Binance being the top exchange for IOTA trading. With further development of Project Alvarium, IOTA might be able to see another surge in its prices.
Overall, Dell’s partnership with IOTA is an excellent step towards building sustainable solutions for the digital cities of the future. This collaboration is expected to drive the demand for IOTA as it will likely open up various use cases across different industries. Additionally, the development of Project Alvarium could be a potential catalyst for IOTA’s price movements in the future.
The bulls have pushed IOTA/USD above the $0.23 mark, allowing it to gain momentum. However, the current level of bullishness is slight, and there may not be enough strength to bring the pair any higher in the short term.
The bulls are likely targeting a retest of the critical $0.25 resistance level, but they will need to break through the current $0.24 first. The MACD indicator is now in positive territory, and a move above this line could signal further gains in the short term.
The Relative Strength Index (RSI) recovered from its oversold levels earlier this week and is currently hovering around the 50 mark. This suggests that some consolidation may be in the near term as buyers and sellers take a break before pushing IOTA/USD any further.
Looking at the daily chart, a breach of $0.25 could lead to further gains in the medium term, with potential targets of $0.27 and $0.29 likely coming into play if the bulls manage to break through the key resistance level. However, a failure to breach this line could see IOTA/USD retreat to its current levels or even lower soon.
Conclusion
In conclusion, IOTA’s partnership with Dell is a positive development for the project and could be essential in driving the demand for IOTA. Additionally, Project Alvarium looks set to revolutionize digital cities and could provide further support for IOTA’s price movements in the future.
In terms of technical analysis, IOTA/USD is currently trading in slightly bullish territory, and a breach of the critical $0.25 resistance level could signal further gains in the medium term.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is volatile.
