IOTA price analysis: MIOTA/USD booms in the wake of partnership with the famous car manufacturer, Porsche

IOTA price is the biggest gainer among the top ten cryptocurrencies by market capitalization with the price surging by over 15% in the last 24 hours. MIOTA/USD recently broke out of a ranging channel on the 1-hour timeframe chart attacking the resistance level at $2.5 and even trading above $2.6 before encountering resistance. Downside corrections took over as the price sought for equilibrium but it was supported at $2.1.

IOTA regained its position by market capitalization after it had been bypassed by Tron (TRX) and NEO (NEO). It is now as the 9th cryptocurrency in the market, besides, it is signing essential partnerships to keep up its momentum. IOTA has recently entered into a partnership agreement with the famous car manufacturer, Porsche. The two will collaborate on a project that has been referred to as Program 4. The partnership was, however, signed with a startup in Germany, Autobahn. IOTA was picked among many other tech startups to work on a platform that will enable Smart Mobility. IOTA technology is a great addition to this startup and the two will, without doubt, achieve great things on the project.

IOTA price analysis

The cryptocurrency has also broken out of the descending channel that has been since mid-last week. The price attacked $2.5 again today but it is currently correcting lower after facing selling pressure at $2.51. Several support areas have been highlighted on the 1-hour chart at $2.4, $2.3 and $2.1 respectively. At the same time, 100 SMA will provide support above $2.3. The target on the upside is $3.0, but first, the buyers must overcome the selling pressure at $2.6.