IOTA price analysis: IOT/USD loses ground, ignores positive fundamentals
|- IOTA has settled above $0.2000 after losing 2% on Monday
- IOT/USD may be vulnerable to further losses.
- Fundamental developments are supportive for the project in the long run.
IOTA is flashing with red colors. The coin retreated from the 18th position a month ago to 20th place in the global cryptocurrency rating amid strong bearish sentiments. At the time of writing, IOT/USD is changing hands at $0.2030, down 2% since the beginning of Monday. The coin has lost nearly 24% in a month and 50% in recent six months.
Fundamental developments
IOTA project is basin signing partnership deals with various companies; however, this success has failed to translate into the price increase so far.
In the latest development, a German company engaged in the waste processing industry, Biota, has launched Deposy, a new system of plastic gathering and processing based on IOTA technology. The team says that people will receive a small remuneration for gathering waste that can be recycled. They have chosen IOTA due to zero fees high capacity and relatively low coin price.
In September, IOTA entered a partnership deal with Jaguar Land Rover with the aim to develop a solution for tracking the renewable energy for the cars recharge.
IOTA's technical picture
IOTA's recovery is capped by $0.2075-$0.2100 area reinforced by SMA100 (Simple Moving Average) 4-hour and the upper line of 4-hour Bollinger Band. Once it is out of the way, the upside is likely to gain traction with the next focus on the longer-term bull's target of $24.50. This barrier is created by SMA50 daily and followed by $0.2550 (SMA100 daily).
On the downside, the psychological $0.2000 is followed by December 4 low of $0.1953. We will need to see a sustainable move below this handle for the sell-off to gain traction. The next support is created by the lower line of the daily Bollinger Band at $0.1920 and November 22 low of $0.1877.
IOT/USD, the daily chart
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