IOTA goes ballistic amid Jaguar partnership news
- IOTA gains over 13% during early Asian hours.
- The car manufacturer installs IOTA-based solution in its new fleet of cars.
IOTA, now the 15th largest cryptocurrency with the market value of $847 million has been growing strongly amid news that the Jaguar Land Rover, is testing IOTA-based solutions. At the time of writing, the coin is changing hands at $0.3098. Having retreated from the recent high reached at $0.3163, it is still over 13% higher on a day-on-day basis.
Jaguar+IOTA
The Britain’s largest car manufacturer announced on Monday that it was testing a solution based on smart-contracts technology that would pay users in IOTA for data sharing. The company is creating a smart wallet that will be installed in the new fleet of cars, including Jaguar F-PACE and Range Rover Velar models. This solution will allow drivers to earn coins for sharing relevant data like potholes locations, traffic congestions, and performance of the car.
“The smart wallet technology… can be easily adapted into all new vehicles… IOTA wants to enable interoperability with all these different players. So there is no Jaguar coin, no BMW coin, but one universal token for this machine economy,” Dominik Schiener, IOTA co-founder said commenting the announcement.
IOTA’s technical picture
On a daily chart, IOT/USD is testing $0.3124 barrier created by DMA50. Once it is out of the way, the upside momentum is likely to gain traction with the next resistance created by DMA200 at $0.3364. Considering the upward-looking daily RSI the further recovery looks highly likely, though, the upper boundary of the daily Bollinger Band at $0.3450 might serve as a strong resistance and trigger the downside correction amid speculative positioning and profit-taking.
IOT/USD, daily chart
Author
Tanya Abrosimova
Independent Analyst
