New Collaboration Brings Institutional Grade Token Storage to IOTA — Will This Drive IOTA Towards the $0.50 Handle?

  • IOTA has recently partnered with Crypto Storage AG to provide an institutional grade storage solution.
  • The market is now trading within a range between $0.4031 and $0.3656.
  • Support moving forward: $0.3656, $0.3292, $0.3281, $0.3056, $0.2820, $0.25, $0.2484, $0.2283, $0.2137, $0.20.
  • Resistance moving forward: $0.4031, $0.4565, $0.4638, $0.4882, $0.4925, $0.50, $0.5336, $0.6033, $0.8145, $0.9296, $0.9896, $1.00.

Latest IOTA News

The IOTA foundation has announced a partnership with Crypto Storage AG, a subsidiary of Crypto Finance AG, to create the first institutional grade IOTA storage infrastructure. This provides a way to store large volumes of IOTA in a safe and secure manner.

The solution created through the partnership will meet the needs of both private and public investors as well as financial intermediaries, providing them a way to safely store their IOTA tokens. It is also secure enough for institutional investors to manage access to their IOTA tokens.

Perhaps more importantly, this storage can also be used by IOTA partners that are working on applications to share data across a wide range of industries including the automotive industry, smart-energy, supply chains and global trade industries.

The security provided by Crypto Storage AG will also help for these aforementioned companies to meet their institutional and compliance requirements.

Let us continue to take a look at IOTA/USD over the recent period and highlight any potential areas of support and resistance areas.

IOTA Price Analysis

IOTA has suffered a small price decline totaling 2.01% over the past trading week, bringing the current trading price down to around $0.3723, at the time of writing. However, holders can take confidence in the fact that the market has seen a significant price surge totaling 53% over the past trading month.

IOTA is now ranked in 12th position and currently holds a $1.03 billion market cap value. The 19-month old project is now trading at a price that is 92% lower than its all-time high value.

IOTA Analysis

Taking a look at the IOTA/USD market from the 4-hour perspective above, we can see that since our last analysis, the market had rebounded at our highlighted support area around the short-term .382 Fibonacci Retracement level (drawn in green) priced at $0.3292 and extended into previous resistance provided by the bearish .618 Fibonacci Retracement level (drawn in orange) priced at $0.4031.

Since the start of 2019, trading has been trapped within a well-defined trading range. The market is trapped between $0.4031 as the upper boundary of the range and $0.3656 as the lower boundary of the range.

Trend: Bullish Above $0.40

If the market can clear the $0.40 handle, then the trend will enter into another bullish trading condition.

However, price action is currently trading sideways within the range described above as the market players battle to decide the next direction of movement within the market.

Where is the Resistance for IOTA Above the Trading Range?

If the bulls can group their efforts and push price action above the upper boundary of the trading range at $0.40, they will encounter higher resistance at the bearish .786 Fibonacci Retracement level (drawn in orange) priced at $0.4565.

This is closely followed by the medium-term 1.272 Fibonacci Extension level (drawn in purple) priced at $0.4638.

If the buyers can continue to press price action higher, then more resistance will be located at the bearish .886 Fibonacci Retracement level (drawn in orange) priced at $0.4882. This is closely followed by the 1.414 Fibonacci Extension level (drawn in purple) priced at $0.4925.

If the bullish pressure causes price action to then break above the $0.50 handle, the final level of resistance to highlight in the short term is located at the 1.618 Fibonacci Extension level (drawn in purple) priced at $0.5336.

Where is the Support Beneath the Market?

If the sellers step in and push price action below the trading range at $0.3656, we can expect immediate support toward the downside to be initially located at the bearish .382 FIbonacci Retracement level (drawn in orange) priced at $0.3281.

Further support located below $0.32 can be expected at the short-term .5 and .618 Fibonacci Retracement levels (drawn in green), priced at $0.3056 and $0.2820 respectively. More support located below $0.25 can be located at the short-term .786 and .886 Fibonacci Retracement levels (drawn in green), priced at $0.2484 and $0.2283 respectively.

The final level of support to highlight toward the downside can be expected at the previous downside 1.618 Fibonacci Extension level (drawn in red) priced at $0.2137.

Conclusion

The latest partnership between IOTA and Crypto Storage AG will certainly help in taking the IOTA project much further as partners, investors and institutional investors can now feel safe storing their IOTA as well as meeting their compliance requirements.

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