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August 9, 2022
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IOTA price reaches its highest increase in three years with the Foundation announcing new acquisitions

IOTA is an open source distributed ledger and cryptocurrency designed specifically for the Internet of Things (IoT).

IOTA is a new type of distributed reason that does not require miners, electricity or transaction fees to actually own the protocol. Dominik Schiener, co-founder of the IOTA Foundation, acquired 10% of the shares of “credX AG”, a German financial technology company. The two parties intend to use distributed reason technology, Internet of Things (IoT) and artificial intelligence (AI) to extend the base of business-to-business (B2B) financial applications.

Schiener will collaborate with the credX AG team to to develop many new use cases, taking advantage of distributed reason technology, IoT and AI. According to sources familiar with the negotiations, the SaaS platforms offered by CredX AG will be optimized with distributed reason technology – which will offer greater security, reduced rates and real-time transactions that decentralization is proud of.

IOTA price analysis

Source: IOTA / USDT 4 hours via TradingView

Although Bitcoin underwent a sharp correction, reaching a low of $ 53,000 yesterday, other cryptocurrencies, such as IOTA (MIOTA), perform opposite.

The IOTA appreciated 29.42% last week and went up 5.31% in the last 24 hours. At the time of writing, IOTA was trading at $ 1.56.

On March 23, we can see that the green candle was successfully breaking through the previous resistance level of $ 1.60.

Subsequently, the IOTA reached a high of $ 1.7773. However, the red Doji candle indicated that, during this period, there were a large number of sales orders and the bulls could not push the IOTA price up again. The price of IOTA consequently dropped to $ 1.56. In the short term, $ 1.7773 will be a critical resistance level for IOTA.

IOTA is currently on an upstream channel. The bulls are actively defending the $ 1.60 support level. If the price of the IOTA can rise above $ 1.7773, the token will observe the next $ 2 psychological barrier.

The upward sloping moving average and the bullish MACD index indicate that bulls currently dominate the market.

The Stochastic RSI indicator retreated from the 80 overbought zones and formed a bullish cross, which means that in the short term, the price of IOTA is likely to rise further.

Source: BlockchainNews

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