It has been a while since so many of the top crypto markets turned green in one session. This is especially true for the past eleven months, as nothing positive has happened ever since. The IOTA price is moving up nicely all of a sudden, primarily because of some interesting developments behind the scenes. Whether or not it can be sustained, is a different matter altogether.
IOTA Price Uptrend Shows Potential Promise
Over the past few weeks, the excitement surrounding IOTA had seemingly all but vanished. That is never a good sign for a project which is seemingly designed to disrupt the Internet of Things on a global scale. Even so, the ongoing bear market has put a lot of pressure on all cryptocurrencies, assets, and tokens alike. IOTA is no exception in this regard, which is only to be expected.
Over the past 24 hours, however, a notable price reversal has been noted. It would appear the IOTA price is moving up once again, albeit in rather modest fashion. Slow and steady often wins races, even in the cryptocurrency world. With a 4.1% increase in both USD and BTC value, things are looking pretty good for IOTA right now. The price is pushing its way to $0.26 again. In BTC terms, the 7,572 Satoshi level might not necessarily budge all that much.
Two interesting tidbits of news have become apparent in recent days. First of all, the IOTA Foundation Research Department will organize a Q&A session in the coming days. This will allow them to effectively introduce new team members as well as provide an updated outlook for the IOTA Research aspect as a whole. There will undoubtedly be some valuable information to take away from all of this.
Q&A with the #IOTA Research Department – “The IOTA Foundation Research Department will be hosting a Q&A session next week. We are excited to have an opportunity to introduce some of the team members & explain a bit about the vision for Research at IOTA.” https://t.co/SU76fxB6Bi
— IOTA News (@iotatokennews) February 8, 2019
Secondly, it appears IOTA co-founder Dominik Schiener will be making his way to Paris Blockchain Week. Although the impact of his presence will be quite difficult to predict, it is good to put the IOTA brand out there at all times Especially when it comes to prominent events like Paris Blockchain Week, which is considered to be one of the top events of the year.
Dominik Schiener (Co Founder of IOTA) will speak at Paris Blockchain Week Summit – main topics: EU regulation, stable coins, decentralized exchanges, security tokens… https://t.co/8gv456yXNp #IOTA #IOT #Tech #m2m
— /r/IOTA (@Reddit_IOTA) February 7, 2019
When looking at the actual price chart, some interesting momentum becomes apparent. More specifically, it seems IOTA broke the falling wedge, although this is not sufficient to keep the momentum going as of right now. Until the horizontal resistance is broken in a significant manner, one has to wonder if the reversal will kick in sooner rather than later. For now, there is no reason to worried yet, although things may change at any given time.
Price broke out of the falling wedge and is now battling with horizontal resistance.
Watching for a 4H candle close above this level. This could signal a next leg up.
— Posty (@PostyXBT) February 8, 2019
Although the cryptocurrency markets are not out of the woods yet, this overall positive trend is rather promising. Sustaining anything for more than half a day has not happened all that often in the past eleven months, thus one has to wonder if this time will be different. For IOTA, the current trend seems promising, although there is still plenty of work to be done.
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