IOTA partners with the city of Austin in Texas to take transportation on blockchain

  • IOTA Foundation will work on transportation solutions with the transportation department in Austin. 
  • IOT/USD retreats from recent highs. 

IOTA Foundation has recently partnered with the transportation department in the city of Austin in Texas. Taking transportation issues on blockchain, they hope to improve the interoperability between various transportation systems. 

Globally, the transportation sector is a large one, however, it faces challenges. For e.g., there are inefficiencies, as well as under-utilization, as experts comment. 

“Internet of Things” (IoT) and blockchain has a potential to become a backbone of smart transportation in modern cities. According to experts, the system will benefit from improved interoperability between regions and allow to make the whole industry more cost efficient.  

IOTA has retreated from the intraday high of $0.3151 to trade at $0.3084 at the time of writing. The 15th largest digital asset with the market value of $877 million stays unchanged on a day-on-day basis with nearly 2% of gains since the beginning of Monday. 

Looking technically, IOT/USD is well supported by $0.3030 area with a confluence of SMA50 1-hour and the middle line of 1-hour Bollinger band. Once below, the sell-off may be extended towards psychological $0.30 followed by $0.2950 (upper line of 1-hour Bollinger band). 

On the upside, a local resistance is created by $0.3122 (upper line of 1-hour Bollinger band) and the recent high of $0.3150. 

IOT/USD, 1-hour chart

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