IOTA (MIOTA) Technical Analysis: Car Vertical to use IOTA Tangle For New App, Bulls Slow to Respond
This week Car Vertical announced the release of their latest innovation ‘carVertical.CITY’, an IoT centric application which incorporates IOTA’s Tangle network for recording transaction data and parking information.
According to the official release, the app will build on the autonomous driving experience that is currently being developed worldwide, to include automatic parking payments that utilize GPS tracking and IOTA’s DLT technology.
“If the vehicle stops in the paid parking zone, carVertical.CITY automatically records parking start time and price in the zone. When you drive away, an app autonomously makes a new IOTA transaction pointing that your parking is finished and defining the services cost.”
The new strategic partnership with Car Vertical adds to IOTA’s long line of working relationships with companies involved in the self-driving vehicle industry, including tech giants Volkswagen and Bosch. However, in spite of the project’s ongoing work in this field, IOTA’s token value has continued to struggle to attract significant bullish attention since the end of August.
Diving into the 1D MIOTA/BTC chart, we can see that the asset has been consolidating inside a falling wedge pattern since reversing bearish from the late August bull run. The downtrending support for this pattern is an extension of a long-standing resisting/support level that has played an important role for IOTA throughout this year; in particular, providing strong support during the heavy March bear market.
Inside the falling wedge pattern, we also have a strong lateral support along the 7,040 Sats level (revised from the 7,111 Sats support mentioned in the analysis video). This particular level was able to prop up IOTA during its decline over the end of October and allowed bullish support to recover and re-test the downtrending resistance above at 8,000 Sats.
Catching up with IOTA right now, we can see that the breakout attempt failed and control has shifted back into the hands of bearish traders. Over 2hr candles, indicators are unanimously favoring a bearish continuation in the short-term;
-The RSI is returning down towards the oversold region as selling momentum increases.
-The Chaikin Money Flow indicator line is also spiking down toward the zero line as selling pressure exceeds buying pressure in the current trend.
-The 12MA is bearishly below the 26MA, with both lines are still hanging beneath the signal line.
-Although candles are still tracking inside the supporting Kumo on the 2hr Ichimoku indicator, there is a very bearish T/K divergence and it will only be a matter of time before bears force the price action through the bottom of the cloud and signal a bearish reversal.
If, however, we see a late resurgence of bullish support, then it’s likely that IOTA will break into a range-bound channel between the aforementioned 7,040 Sats support and the 8,296 Sats resistance above.
IOTA (MIOTA) Price Targets
All price target ROIs are measured from the asset’s current value at 7,657 Sats.
PT1: 7,040 Sats (-8.06%)
PT2: 6,355 Sats (-17.00%)