IOTA [MIOTA] Price Analysis: coin hits 1-week high as tie-up with Audi brings cheer
IOTA [MIOTA] has yet another reason to celebrate, with the coin’s price hitting its highest level in a week. The IOTA Foundation announced late on Wednesday that it was partnering with Audi’s think tank to explore Tangle-based mobility use cases.
The think tank of Audi, which is named Audi Denkwerkstatt, works with companies to explore and execute ideas regarding premium mobility.
The tie-up aims to study Tangle-based use cases and create a low-level prototype, after which customer feedback will be taken to analyse its efficiency. Tangle is a kind of distributed ledger technology and is a new concept from the IOTA developers.
Within the technology, transactions are linked to each other like a web-tangle, and not the traditional blockchain. It follows the proof-of-work model to verify transactions on its network. Tangle has no mining, charges zero fees for transactions and is relatively faster.
Investors have cheered the joint venture with Audi’s think tank, with the coin breaching the $1 mark, trading as high as $1.05 against the U.S. dollar.
The coin experienced a breakout from the first resistance level, which can be traced at $1. The current resistance level can be found at $1.05, which the virtual currency has failed to break out from.
The digital asset has found support at $1.02, and can be expected to rise further. The coin was locked in a significant trading range of $0.98-$1.06. At the time of writing, the digital currency was exhibiting a brief period of consolidation.
The 100 EMA line, at the time of writing, indicated that MIOTA was exhibiting an uptrend. The MACD showed that the coin was trading in the bullish zone.
As of 1538 GMT, the cryptocurrency jumped around 6.3 percent against the U.S. dollar at $1.04.
IOTA [MIOTA], in Bitcoin terms, was climbed 5.5 percent higher to nearly 0.00013 BTC, as at 1538 GMT.
IOTA [MIOTA] price predictions
The coin is currently ranked as the ninth most valuable virtual currency, data from CoinMarketCap showed, with a market capitalization of $2.87 billion. According to Smartereum, experts forecast that the digital asset could reach around $11 in one year while the price could hit $38 in five years.
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