IOTA Price Analysis: IOT/USD bears takeover following bullish head and shoulders breakout

IOT/USD bears took control of the market following this Thursday's bullish breakout. The breakout happened as a result of IOTA's partnership with Zeux. Zeux is an FCA authorized payments and banking services app which will launch in Europe this April and in the USA in 2020. They have partnered up with the IOTA Foundation to enable users to use MIOTA tokens as payment with merchants that accept Apple Pay and Samsung Pay.

David Sønstebø, founder and co-chairman of IOTA Foundation, said: 

“This partnership with Zeux will provide a significant convenience benefit for IOTA ecosystem. We are very excited for this. Now IOTA digital currency can be used as payment with merchants that accept Apple Pay and Samsung Pay. By combining existing technology with another form of currency, this is a big step forward towards the adoption of crypto for the masses.’’

Frank Zhou, Founder and CEO of Zeux, believes that the partnership will drive widespread crypto adoption:

“Zeux is very excited about partnering with the IOTA,” Zhou said. ”As a distributed ledger with zero transaction fees, The Tangle is a very promising chain for us to build our customer data Dapp. This marks another step forward in our journey. We look forward to working with IOTA and giving their customer base even more financial freedom.”

IOT/USD daily chart

On the back of the Zeux partnership, IOT/USD daily chart formed a bullish head and shoulders pattern. However, as the markets opened this Friday, the bulls faltered at the support provided by the black uptrend line and the price went down from $0.318 to $0.314. The moving average convergence/divergence (MACD) shows that the momentum still lies with the bulls.