Share This On Social

IOTA recorded the largest increase today. The coin rose by 12.4% after the announcement of the partnership with the British automaker Jaguar Land Rover. The price of IoT powered tokens increased by almost 16% for a few minutes, but then corrected to 0.303245 USD.

Meanwhile, Bitcoin price rebounded above 5,100 USD after a massive drop towards 4,900 USD. The price seems to be facing a strong resistance near the 5,200 USD and 5,220 USD levels. However, there is a major bearish trend line in place with resistance near 5,230 USD. The cryptocurrency is facing a significant resistance and is likely to climb sharply if it settles above 5,250 USD and the 100 hourly simple moving average.

However, the cryptomarket is into the red. Ethereum is down by 2.5% to 154.90 USD, while XRP depreciated by 1.1% to 0.29599 USD. The bears dominate the EOS trade and the price is down by 2.14% to 4.65 USD. The biggest daily decline is registered in Bitcoin Cash, which fell by 8.5% to 243.23 USD. Litecoin and Binance Coin are also into the red with decreases of 4.45 and 3.1%, respectively.

Following the recent turmoil in the crypto market, the total value of the Top 100 cryptocurrencies fell to 169.463 billion USD.

Bitcoin price analysis

Last week, there was a sharp drop in the price of Bitcoin under 5,200 USD. The cryptocurrency even fell below the 5,000 USD support level and formed a bottom level above 4,900 USD. Later, Bitcoin’s price started slowly and steadily recovering above the resistance levels of 5,000 USD and 5,050 USD. The bulls even pushed the price above the resistance of 5,100 USD and 23.6% Fibo retracement rate of the last move from 5,509 USD high to 4,905 USD low. This paved the way for more profits above 5,150 USD and the price tried to clear the resistance levels of 5,200 USD and 5,220 USD. It seems that the 50% Fibo retracement rate of the last move from 5,509 USD high to 4,905 USD acts as a resistance.

In addition, the 100-hour simple moving average also acts as a key resistance near 5,220 USD. More importantly, there is a largely downward trend formed with a resistance of nearly 5,230 USD. Therefore, the price should break the resistance of 5,220 USD, the trend line and the 100-hour SMA. Successful closing over 5,250 USD is likely to begin a decent upward move to 5,300 USD.

The next big bull resistance is close to 5,380 USD. On the other hand, if there is no break up, the price may fall below 5,150 USD. Initial support is close to 5,100 USD, below which the next stop could be 5,050 USD.

If bulls gain control over 5,220 USD and 5,250 USD, there might be a decent expansion to the 5,380 USD resistance level. Conversely, failure to clear 5,250 USD is likely to start a new drop to the 5,100 USD or 5,050 USD level in the near future.

IOTA is gaining momentum

Jaguar will use IOTA to tackle automotive emissions and congestion. The new feature will also help reduce the number of road accidents. To achieve this, intelligent wallet portfolios integrate into a new series of Jaguar cars, including Jaguar F-PACE. The drivers will be able to earn IOTA to share valuable data while on the road. The intelligent portfolios are currently under testing, and it is not clear when the technology will be available for commercial use. However, IOTA does not hide its ambitious plans.

Partnership with the big car maker has caused a hype in the crypto community.

“Jaguar Land Rover has partnered with IOTA to enable car owners & drivers to earn cryptocurrency. We’re talking digital wallets, tokens, and an entire ecosystem”, said Anthony Pompliano, co-founder & Partner at Morgan Creek Digital. “THE VIRUS IS SPREADING”, added he.

The news for IOTA and Jaguar, which spread like a wildfire in the crypto community, has inevitably led to a large price jump. The market capitalization of the token is now 842.8 million USD. IOTA is currently 15th largest cryptocurrency.