- IOTA and Porsche through the partnership with startup, Autobahn will collaborate on a Smart Mobility project.
- IOTA price is gaining steam to attack $2.6, but eyes are on $3.0.
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.
BEST BROKERS TO TRADE CRYPTO
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.