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