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If the first case comes to be true, we can expect a run towards 0.6457-fiat, the provably strong resistance from early August.Īs far as the second case is concerned, it has more to do with the hype around the Fujitsu-announcement. From there, we could see price either 1) attempting a bounce back towards 0.6291, the high or 2) extending its downtrend towards levels defined at 50% and 61.8% Fibonacci retracements. It is likely we see an extended downside correction from here, establishing support at 38.2% Fibonacci retracement of the swing from 0.5168-low to 0.6291-high. The RSI and Stochastic indicators, at the same time, have been attempting weak downside recoveries from the latest upside rally. It is now way above them, giving us the sense of an improved buying sentiment in the market. The pair meanwhile has improved its position concerning its 100H and 200H moving average curves. IOT/USD Technical Analysis Source: Īn ascending trendline is currently supporting the IOT/USD medium-term uptrend.
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Billion, according to the data available on CoinMarketCap. The IOTA market cap has also jumped to $1.8.
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That is 18.83 percent higher than our intraday low at 0.5168-fiat. The IOT/USD jumped on strong fundamentals but, at the same time, confirmed a small downside correction.Īt press time, the IOT/USD pair is valued at 0.6115. The Fujitsu announcement eventually catalyzed the bullish sentiment in a market that was trending sideways from the medium-term, and downward from the long-term perspective. “Fujitsu is well-equipped to help roll out IOTA as the new protocol standard as we are experts in both IT services and the manufacturing of IT products.”