IOTA Market Update: IOT/USD spikes 2% after a Bitcoin-triggered selloff

The cryptocurrency market is finally in the green for the first time this week. However, the green has only been made possible by a selloff that took place during the European session on Thursday. Bitcoin tanked after hitting a wall close to $10,000. The fall extended towards $9,000 dragging the entire market with it including IOTA. IOT/USD was also rejected at $0.25, encouraging more bears to enter the market. A weekly low at $0.2201 slowed down the momentum, giving the digital asset balance.

At the time of writing, IOTA is has made a shallow recovery from $0.2201 to the prevailing market value of $0.2273. Interestingly, the price is still above the moving averages. Moreover, a possible cross by the 50 SMA above the 200-day SMA would signal incoming bullish volatility, likely to pull IOTA upwards.

In addition to that, IOTA is also trading above the Ichimoku Kinko Hyo. As long as the price maintains in this position, bulls will also stick to the controls. The RSI in the daily range is also recovering from the dip while the MACD is sitting comfortably in the positive region. For IOTA, the dive to $0.2201 could be the best move made to clear the stubborn resistance at $0.25. Fresh demand created at the lower price levels could also give way to higher seller congestion zones including $0.30 and $0.35.

IOT/USD daily chart

IOTA Tangle technology referenced by US giant Intel

A new patent from Intel Corporation, a United States tech giant, covering the field of wireless communication, precisely edge computing in a bid to support vehicle-to-any (V2X) communication was filed. The patent was highlighted within the IOTA community this week because it referenced the network’s Tangle technology as a possible solution for implementing fog computing. The technology is geared towards making driving safer, improving traffic flow and better energy consumption. IOTA’s Tangle could help connect vehicles so that data can flow seamlessly.