IOTA confirmed below a triangle chart pattern on Thursday after a Microsoft partnership misrepresentation scandal. What’s next for the new kid around the block?
What Went Down Before
Also called the new Bitcoin, IOTA’s market cap suddenly jumped to number 4 on the cryptocurrency list last week. Its price surged over 600% going from $1 to $5.5.
One of the main reasons the company got so much attention was that they made us believe they are fully partnering up with Microsoft.
CCN reported that large-scale conglomerates including Samsung, Cisco, and Volkswagen also partnered with IOTA, to utilize its Tangle-based solution for data monetization.
What Happened This Week
This week it turned out that Microsoft is not really an IOTA partner, but a participant.
But despite the absence of an official agreement, the two companies are indeed working together on several technology exercises involving IOTA’s Tangle network. The experiments include installing and connecting weather sensors to IOTA’s ledger technology.
How is IOTA Different than Other Cryptocurrencies?
IOTA’s name is a play on the ‘Internet of Things.’ With its simplistic worldview, it is actually seeking to build an ‘Economy of Things.’
IOTA’s mission is to connect businesses and their technological resources as something that can be traded.
But that is not all. According to some analysts, IOTA’s Tangle ledger is superior to cryptos relying on blockchain technology.
While the startup still needs meaningful partnerships to advance, the ecosystem appears to show a lot of promise comparing to its peers.
Looking at the Chart
IOTA’s price dropped for the second consecutive day on Thursday, breaking below its new key support level. At the time of writing, it is testing below a symmetrical triangle chart pattern.
For now, from a technical point of view, we are still in a wait-and-see situation.
In a traditional market, if the price confirms below the triangle we could expect the bearish sentiment to continue towards next support levels. In this case, it would be the 50% and 61% Fibonacci levels at 3.17 and 2.6 respectively.
However, cryptocurrencies, in general, have shown that they are not following the typical market behavior. At least for now, when there is so much noise going on about them.
Regardless, for those who still have faith in this cryptocurrency, this could be a good opportunity to purchase it at a lower price. That is if you have sufficient risk tolerance to play this market.
Invest responsibly!
Kiana Danial
Tacnasty 
CatsWild 
DoucheTard 
Marc Stinebaugh 
Eng . Thales Dias 
Lucas Love 
Matt Smith 
metathias 
vermuner . 
Umar Ali 
netscout 
Arslada 
Ben Bittfleck 
onghihao 
Erasyl 
Kaede.Chidiebube 
Very informative article. Great write up.
youre a fucking moron. Keep buying bitcoin you dunning kruger ass clown
I own like $10 worth of bitcoin. I can guarantee I have a ton more crypto and I’m making way more money than you. Maybe I’ll find out who you are and buy your dumbass one day just so you can wipe my ass
Oh you can guarantee? I would emberass you in every aspect of acadamia with half my brain tied behind my back, then physically manhandle you while you throw you’re little beta boy temper tantrum. I am bigger, stronger, faster, smarter, and wealthier than you. Genetically superior in every way bitch boy.
Laughable in every sense. Newbies like you keep drinking the soy and buying in years later. I need to go take care of a multi million dollar information system then go home and enjoy my view of Niihau. Have fun with your life and keep buying in after the real Alphas bought in years before you.
You’re entire existence is a fantasy bitch tits. Keep trying to impress the internet though.
All the ther cryptos will be dead in 5 years when Quantum computers kill the blockchain.. Iota is the only one that isnt killable by quant comps
The assumption that quantum computers pose any actionable threat to blockchain tech is a purely hypothetical and unproven one, pushed by those who do not even understand what quantum computers do in the first place.
streamr datacoin is replacing the iota, also iot, stay alert!!!
streamr datacoin upupup
They did not “make us believe they are fully partnering up with Microsoft” you fucking retard. Kiana award winning my ass. You’re a god damn parrot regurgitating false information like every other indigent on the web talking about cryptos now that they’re trendy. Formulate your own thoughts and report solid information or don’t do it at all. BTW here is a snapshot from contacting microsoft directly and asking about their relationship with iota and here’s what they have to say you Cunt! https://uploads.disquscdn.com/images/6dc37368de610e951b608c3a3b7f4b408ff45b9b14b3b2acba9c0a5e0782e7a8.png
Fact check your material. “In the IOTA blog post that introduced the data marketplace project, there is a direct quote from Microsoft’s blockchain specialist Omkar Naik: “We (Microsoft) are excited to partner with IOTA foundation and proud to be associated with its new data marketplace initiative. This next generation technology will accelerate the connected, intelligent world and go beyond blockchain that will foster innovation real-world solutions, applications, and pilots for our customers”.”
IOTA is controlled by its foundation. They retain full control over the network, With the full capability to manipulate all of the coins in the blockchain. This sort of total centralized control can not and should not be trusted. This runs completely counter to the trust-less decentralized blockchains were all coming to learn how to depend upon.
I’m moving my miotas to streamr datacoin, it’s replacing iota and eth, also iot!
haha, just checked; sorry, built on ethereum, not good
Hey Lucas, are you confident enough that it will happen? I am also thinking to replace my IOTA as well. Is the streamr datacoin a better option? what do you think???
This is built on Ethereum blockchain – there is need to pay fees for using the Ethereum blockchain, problems with scalability, transaction times. There is no benefit in using this for IoT, they will just grab your money. For IoT I would not put my money behind anything blockchain based due to its limitations. IOTA is the next gen currency, that solves the blockchain limitations – no fees, scalability, speed, works not only over internet but also other protocols – Bluetooth, Zigbee.
IOTA has many advantages against other cryptos with a blockchain technology and therefore his price will continue with rising his value again. IOTA and DAG technology system are a real revolution in the cryptoworld. IOTA is still very cheap. Good time to buy some.
There was a lot of FUD because of this Microsoft partnership lately which caused the correction of the price, but I’m convinced it’s just a temporary correction. IOTA is solid project and that didn’t change. It will continue to rise in a few days.
I love this FOOD situation, cheaper coins for me:D IOTA has a potential to be a number one in IoT future. The DAG technology is revolutionary. It will be the patch to the blockchain diseases and in last time we can see many troubles.
All of fans of IOTA can be happy for this FUD. I bought IOTA very cheap few months back, last week sell one quarter and no I can buy it back. And after new year and maybe sooner I will be laugh. And smart people with me.
Of course this is temporary and thanks for that. FOMO will calm down and I can buy for better price. Part of my position I will sell in $10, no earlier. And the rest I will hold, because IoT will be great market and IOTA will be number one.