IOTA Leads Market Gains, Breaks Through Ichimoku Cloud

The top 100 cryptocurrencies continued moderate gains over the weekend, with IOTA leading the top 10 with another 18% gain on Sunday. The gains came after  IOTA Foundation has brought on-board Fujitsu’s Dr. Rolf Werner who currently oversees the company’s activities in Germany, Austria, and Switzerland.

This move adds on to IOTA’s list of powerful market plays such as bringing on Volkswagen’s Chief Digital Officer Johann Jungwirth to its advisory board.

IOTA’s Positioning Among Experts

IOTA is known for its “blockless distributed ledger,” or the “blockchainless blockchain”  technology called Tangle.

In tech meetups in New York City you often hear that Tangle could be the future of the industry. IOTA is the first project that went beyond blockchain and got rid of miners.

In the past few months, it has been focusing on adapting its technology for industrial use. On the flip side, some experts question whether many of IOTA’s ideas will actually work in practice.

The negative buzz around IOTA’s tech started in September after an investigation by researchers from MIT’s Digital Currency Initiative (DCI) claimed to have found a vulnerability in IOTA’s project’s code.

IOTAUSD Price Action

Since its ICO, IOTA’s token’s price action has been much like the rest of the cryptocurrencies. It reached the all-time-high levels with the market wave in December. Then dropped to key support levels by April.

IOTA Price Action

The gains in the past few weeks have brought IOTA/USD ahead of the curve. The price has broken above a key resistance level and the lower band of the Ichimoku cloud on the daily time-frame. The Tenkan line is just about to cross above the Kijun line, while the future cloud remains bearish.

At the time of writing it is testing the 78% Fibonacci retracement level of $1.530. A confirmation of a break above the cloud could open doors to further gains towards $2.4 and $3.0. Support remains at $0.92.