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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.