HomeAltcoin NewsIOTA Price Analysis: IOT/USD Strong Rally on Fujitsu Partnership

IOTA Price Analysis: IOT/USD Strong Rally on Fujitsu Partnership


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IOTA recently staged a strong upside break from a short-term triangle consolidation pattern. This ensued after the group struck a partnership with Japanese technology giant Fujitsu.

The chart pattern spans 0.4000 to around 0.6500, so the resulting rally could be of the same height. However, the price is also approaching longer-term correction levels where buyers could book profits and sellers might be waiting.

The 100 SMA is also below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. This means that the downtrend is more likely to resume than to reverse. Price is currently testing the 200 SMA dynamic inflection point and holding as resistance could mean another dip to the 0.4000 lows.

A larger correction could last until the 61.8% Fib, which lines up with a former long-term support. This might be the line in the sand for a pullback, though, as a break above it would draw more buying pressure.


RSI has made its way to the overbought zone to indicate that buyers are feeling exhausted. Similarly, stochastic has reached overbought levels and might be due to turn lower soon. If so, selling pressure could return and force the 38.2% Fib to hold as a ceiling.

Still, it’s worth noting that Fujitsu’s company paper on IOTA had a lot of positive things to say about the technology. It stated:

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.

In particular, Fujitsu is looking to tap into IOTA to demonstrate an audit trail for a production process and to engage with the manufacturing and automotive industries to drive IOTA-based innovation.

In addition, IOTA is also working with Volkswagen in creating a Digital CarPass for vehicles with telematics data. This would serve as a report sheet that has tamper-proof mileage history and protects against odometer fraud in second-hand vehicles.

Images courtesy of TradingView.


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