IOTA has seen a further 6.89% price surge over the past 24 hours of trading, bringing the current price for the coin back above the $0.038 level. In fact, IOTA has now surged by a total of 45% since the May 2019 low of $0.2590.
IOTA is now ranked in 16th position among the top cryptocurrency projects by market cap valuation, as it presently holds a $1.07 billion market cap valuation. The project is quickly closing in on 15th position holder Tezos, which currently has a $1.09 billion market cap, and 14th position holder BitcoinSV, which currently has a $1.11 billion market cap.
The recent price surge has now allowed IOTA to climb back above the 100-day moving average level for the first time since early April 2019, as the project’s next milestone will be to climb above the 2019 price high at around $0.40.
Why Is IOTA Surging?
Of course one of the largest reasons as to why IOTA (and the entire cryptocurrency space) may be surging is due to the magnificent 35% price gains made by Bitcoin over the past 7 trading days. However, there have also been a string of further partnerships recently announced by IOTA, which has helped IOTA to climb out of its previously slow ascension.
City of Austin Partnership
On April 25, 2019, @austinmobility, the official Twitter handle for the transport body of the city of Austin, Texas, announced a partnership with IOTA:
We’re partnering with the nonprofit @iotatoken to bring the future of mobility to Austin. Learn all about it at a special event on Monday, April 29, at 5 p.m. on the UT campus. ATD and IOTA leaders will make an announcement, followed by a Q&A. More at https://t.co/7cAmKUd6wp. pic.twitter.com/Cr97G8gfpX
— ATX Transportation (@austinmobility) April 25, 2019
The two entities are partnering up to bring innovation to the mobility industry.
Jaguar Rewards For Drivers in IOTA
On April 29 2019, Reuters reported that Jaguar has announced that it is testing software that will allow Jaguar drivers to earn cryptocurrency rewards in IOTA, if they opt in to sharing their data with Jaguar.
IOTA are working on designing a wallet that is pre-built into the Jaguar cars where they can receive their rewards for the driver data that they share. They have stated that they will reward “helpful car owners” with crypto if they share data such as traffic congestion, fuel consumption and pothole locations.
Ford Visits IOTA Labs
On May 7, 2019, it was rumored that Ford had visited the IOTA Labs to discuss a proof-of-concept project. The rumor was first circulated through the following tweet:
— Daniel Trauth (@DanielTrauth) May 7, 2019
Although the details of this visit have yet to be revealed, the potential for a partnership with another major car manufacturer would really help IOTA’s growth.
Let us take a look at the IOTA/USD market and highlight some potential areas of support and resistance moving forward.
IOTA Price Analysis
IOTA/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Taking a look at the IOTA/USD chart above, we can see that the recent price surge has now allowed IOTA to reach the highlighted resistance at around the 1.272 Fibonacci Extension level (drawn in blue), priced at $0.3773. The price surge, as mentioned earlier, has also allowed IOTA to climb above the 100-day moving average resistance level, a potent bullish signal for IOTA holders.
What Is the Current Short-Term Trend?
The current short-term trend is presently bullish after price was able to break above the 100-day moving average. For this bullish trend to continue, we would need to price action to continue to rise and break above the $0.40 level.
Where Can We Go From Here?
If the bulls can continue to climb above the current resistance at the $0.3773 level, we can expect immediate higher resistance above to be located at the 1.414 Fibonacci Extension level (drawn in blue), priced at $0.3938. Above this, higher resistance is then expected at the bearish .618 Fibonacci Retracement level (drawn in red), priced at $0.404. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.
If the bulls can continue above $0.404, higher resistance is then located at the 1.618 Fibonacci Extension level (drawn in blue), priced at $0.4178. Resistance above this is then expected at $0.43, $0.45, $0.4632, and $0.4903.
What If the Sellers Resume Control?
Alternatively, if the sellers regroup and begin to push the market lower, we can expect immediate support beneath the market to be located at $0.3681. Beneath this, further support is then expected at $0.36, $0.35, and $0.34.
What Are the Technical Indicators Showing?
The RSI has recently broken above the 50 level and continued higher toward overbought conditions. This indicates that the bulls are in complete control of the market momentum. However, there could be a sign that the market may be starting to run out of steam as the RSI is approaching overbought conditions and the Stochastic RSI is preparing for a crossover below in overbought conditions. These two indicators combined suggest that the market may experience a small retracement soon.
IOTA has most certainly enjoyed the benefits of the recent Bitcoin bull run, which has helped the price increase 46% from the May 2019 low. However, we can also not ignore the fact that IOTA continues to build their list of high-profile partnerships, which is also helping toward the growth of the IOTA token.