IOTA Market Overview: IOT/USD recovery at risk as rising wedge pattern is spotted

IOTA is among the biggest single-digit gainers on the cryptocurrency market on Friday. The digital asset is dancing 4% higher above the opening value at $0.2278. The recovery is in line with the generally bullish wave across the crypto landscape. For instance, Bitcoin is up a subtle 0.46%, Ethereum is exchanging hands 1.41% higher and Ripple is valued 1% higher.

The IOTA community recently celebrated the signing of a significant and strategic partner. Software AG, a Germany-based multinational that provides enterprise-grade software announced intentions to integrate IOTA’s distributed technology (DLT), the crypto (IOT), Tangle, Qubic alongside other solutions in the course of 2020. The Vice President of Software AG, Christoph F. Strnadl said regarding the announcement:

Strategically we are looking to integrate all IOTA technology into our portfolio. “Total” here means deliberately including miota token, Qubic, MAM and other (future) layer 2 protocols powered by Tangle. Details to be released in the first IOTA Meetup in Vienna on 12.03.20, by 5:30 PM.

IOTA technical picture

IOTA is trading at $0.2362 and battling the upper trendline resistance that forms part of the rising wedge pattern. More resistance is expected at $0.24, however, the bulls seem to be prepared and could eventually bring down the seller congestion at the $0.24 resistance zone. The MACD and the RSI are in support of the ongoing recovery.

On the downside, the key support at $0.22 is expected to hold if a reversal occurs. Although, if it caves in, IOTA could fall to $0.20. The 50 SMA currently at $0.1965 and the 100 SMA at $0.1841 on the 4-hour chart will function as formidable support areas.

IOT/USD 4-hour chart