IOTA price analysis: IOT/USD rejects support at $1.5 to test $1.30; IOTA partners with Volkswagen for a proof-of-concept initiative for Cebit 2018
|- The demonstration is scheduled for the Cebit 2018 which is going to be taking place on June 12.
- The gap between the 50 SMA and the 100 SMA is increasing while RSI on the 2-hour chart is pointing downwards.
IOTA price butchered its way through support areas at $1.7 and $1.50 -$1.45 during trading sessions over the weekend. A massive selloff in the market resulted in a majority of the coins and altcoins tanking to test the lows traded at the end of May. IOT/USD found a support slightly above $1.30 although the upside on Monday has been locked below $1.40.
In the meantime, IOTA will explore a new proof-of-concept with Volkswagen. The Chief Digital Officer at Volkswagen, Johann Jungwirth announced with the collaboration both parties will show the ability of IOTA’s Tangle software to transmit over-the-air updates of software to vehicles that have been connected. IOTA has a mission to build an ecosystem based on the Internet of Things (IoT) where devices talk with each other therefore creating smart machine economy. The demonstration is scheduled for the Cebit 2018 which is going to be taking place on June 12. The announcement by Johann Jungwirth reads:
“Volkswagen, together with @iotatoken will show at #cebit18 a proof of concept how the trusted transfer of software over-the-air to vehicles can be securely documented using the #tangle. Great example how distributed ledger technology can be used in the future.”
Technically, IOTA price is exchanging hands at $1.38, while it is facing immediate resistance at $1.40. The gap between the 50 SMA and the 100 SMA is increasing to show that there is a prevalence of selling bear pressure in the near-term. Moreover, the RSI on the 2-hour chart is pointing downwards. On the upside, the price will encounter resistance at the 61.8% Fib retracement level with last high leg at $1.97 and a low of $1.33. breaking a past this level will open the door for IOT/USD to test the key resistance level at $1.75 before gaining momentum to attack $2.0.
IOT/USD 2-hour chart
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