MIOTA rallies 30% to overbought levels amid crucial IOTA Foundation partnership and mainstream mention

IOTA rallies 30% to overbought levels amid crucial partnership and mainstream mention
“IOTA (MIOTA) Value Increase” by BeatingBetting is licensed under CC BY 2.0
  • MIOTA/USD pair jumps 30% to $1.4
  • IOTA Foundation partnered with Gaia-X to build the next-gen data infrastructure in Europe
  • The token is now in overbought territory

JAIPUR (Coinchapter.com) – The Internet-of-Things blockchain IOTA’s native asset, MIOTA, surged by almost 30% in the last 24 hours. 

Tangle the feeless; an open distributed network is located at the heart of the IOTA economy. The IOTA Foundation governs its progress and development. Believers in the long-term bullish prospects of the technology bought the news regarding the IOTA Foundation’s partnership with Gaia-X.

The latter is a community-driven pan-European project that intends to enable secure, open, and sovereign use of data in Europe and other geographies. In detail, it is a federated infrastructure (sector-specific clouds, network, and interconnectivity providers, edge devices) to host the next generation of interoperable data exchange and services.

The partnership acted as a catalyst for bulls to pull the MIOTA/USD pair from its bearish-sideways stagnation. And as a result of the underlying exponential buying pressure, the pair rocketed from $0.99 to $1.44. MIOTA currently trades at $1.38, which has resisted persistent bullish breakout attempts since June 3.

Related: IOTA prices have tumbled 25% in the last two weeks; what’s next?

IOTA Foundation Gaia-X Partnership

As per the official partnership announcement, there are five reasons why the deal happened.

  • IOTA and Gaia-X aim to make data transfer and exchange sovereign, secure, and private on both a protocol level and within the IOTA Identity and Streams frameworks.
  • The IOTA team members are strong advocates of the open-source software movement.
  • Both share the same goals of building federated and decentralized architectures, focusing on security and data sovereignty.
  • IOTA believes standardization drives interoperability. Interoperability, in turn, paves the way for the secure exchange of data and value across domains, unlocking current silos. Also, Gaia-X shaped and included IOTA’s technology stack in new standardization initiatives.
  • Gaia-X’s community-based approach gives off real-world adoption vibes.

Top Capgemini Executive Mentions Tangle

The Tangle distributed ledger as a better-decentralized alternative to blockchain technology provided bullish headwinds to MIOTA.

In a recent interview, Sankar Krishnan, Executive Vice President at Capgemini, Industry Head, Banking & Capital Markets, indicated that a few DLT networks are better than blockchain.

Related: Dan Simerman Believes IOTA Will Ultimately Become A Global Standard

As per the key Capgemini, executive Tangle makes it to the list along with R3 Corda, Hashgraph, etc.

MIOTA/USD Technical Setup

The ongoing rally has pushed MIOTA heavily into the overbought territory. MIOT/USD’s relative strength index (RSI) figure reads 87.65 at the time of writing. Although bears have not surfaced yet, the scenario is prime for a rapid selloff and profit-taking.

IOTA risks correcting significantly
MIOTA risks correcting significantly. Source: MIOTAUSD on TradingView.com

The token has not touched the said RSI figures since February 2021. MIOTA prices significantly declined then and could drawdown again. In a selloff, the MIOTA/USD pair risks dropping near the $1.15 support.

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