IOTA has been on a tear against bitcoin recently, thanks to the consistent developments in its own space. However, price is stalling at a major area of interest visible on the 4-hour time frame.
The 0.0002 major psychological level has previously held as support and the break lower turned it into resistance. If this continues to hold as a ceiling, IOTA could find itself falling back to the nearby support zones.
Then again, a small bullish flag pattern can be seen and a break above this consolidation could signal that bulls have won out. Price could climb by the same height as the mast of this flag formation from here. Note that IOTA has also broken past a double bottom formation against bitcoin to signal longer-term gains.
The 100 SMA has also crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that the uptrend is gaining more bullish traction. However, stochastic is turning down from overbought levels to reflect profit-taking and exhaustion among bulls. RSI is also turning lower to indicate that sellers are taking over.
Bitcoin has had its fair share of developments in the past few weeks, but the improved sentiment in the industry appears to have favored IOTA. It is said that Fujitsu will introduce IOTA in the largest industrial trade fair in Hannover Messe, Germany through a seminar called ““Intelligently connected”: Experience Industry 4.0”.
In particular, the firm is set to discuss “The Next Generation “Distributed Ledger Technology (DLT)/ Blockchain”, which is going to be centred on IOTA. Fujitsu mentioned:
“IOTA is the next-generation DLT. It offers scalable technology that has been specifically designed for the IoT. We demonstrate how component and process data can be tracked and unalterably saved to the IOTA Tangle in a Supply Chain Management context. Among other potential applications, IOTA can be deployed to ensure the use of original components, as well as for warranty management.”