Fundamental Analysis IOTA November 2018 feature image

Fundamental Analysis IOTA [MIOTA] November 2018

Introduction

IOTA, with a market cap at about 1.3 Billion USD and a circulating supply of 2.7 Billion MIOTA, currently sits at number 13 position according to coinmarketcap.com. The IOTA’s tangle technology primarily offers an infrastructure designed for the Internet of Things (IoT). Read on as we look into the fundamental and few technical events that have been a major determinant of the price of the IOTAUSD pair.

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A Focus on Previous and Upcoming Events in the IOTA Community

Fundamental Analysis IOTA [MIOTA] November 2018 daily fundamental

Fundamental Analysis IOTA [MIOTA] November 2018 daily chart

22 Oct — East-West Crypto Bridge in Frankfurt

A bearish accumulation pattern was triggered at the closing price of the East-West Crypto Bridge in Frankfurt – Conference in Germany. This level offered a strong resistance as price headed towards a bearish direction.

 

29 Oct — IOT Blockchain Summit in Atlanta

The IOT blockchain summit held in Atlanta was focused on improving IOT edge, security, and privacy through decentralized networks. Speculators responded by short-selling the IOTAUSD, leading to a bearish closing day.

 

30 Oct — Meet up in Barcelona

IOTA Barcelona Meet up, Spain, ended up as a trend reversal signal as price closed bullish, and later formed a bullish accumulation pattern on the last day of the month.

 

Potential Triggers for November – January

02 November 2018 Listing on Ledger Wallet

One of the triggers for this month is the IOTA Foundation Integration with Ledger Hardware Wallet for Secure Storage of IOTA Tokens. Looking at the daily chart, we observed that upon release of this event, the price was already in a consecutive bullish closing candle trend initialized by a bullish accumulation pattern.

 

05 November 2018 Community AMA

The IOTA Foundation announced a Reddit AMA for the Trinity Development team on the 5th of November at 4 pm CET. By the end of the day, the daily chart closed forming a bullish accumulation pattern as price trades below and heads for the 65-period moving average.

 

08 November 2018 Biztranex Listing

Yesterday November 8, Biztranex Exchange listed MIOTA, and as a result lead to speculative shorting of the IOTAUSD pair. Price already closed bearish signalling a probable reversal from the MA-65 acting as resistance.

 

12 Nov — SZ Economic Summit in Berlin

The 2018 German Economic Summit will focus on the major issues moving today’s economy, politics and society. Though hodlers are often hopeful about economic summits such as these, from a trader’s perspective, we believe that the event has the potentials of leading to a resuming of the bearish trend triggered by a breakdown of bullish accumulation on the weekly chart.

Fundamental Analysis IOTA [MIOTA] November 2018 weekly projection

14 Jan — 2nd Annual CHAINERS Blockchain Week in Seoul

Much cannot be said about the impact this event may have on the IOTAUSD price, as this event is scheduled for next year January. Only time will tell how this will play out, considering that the technical price chart is what we use for housekeeping in our analysis. The general expectation is that this event will not only lead to a bullish recovery of IOTA price but the entire cryptocurrency space.

 

Potential Risks for November and into December

Making reference to the weekly chart above, we’ll observe that the risk exposure for the short-sell trade is 37.58%. So a price move of up to that level will exit our short sell trade. The good thing is that the trade offers a risk to reward ratio of 1.6.

Technological Adoption on the IOTA Tangle Network

Kontakt.io, a company founded in 2013 had a major goal of making navigation of public spaces easier for the visually impaired. With a growing interest and advantages of distributed ledger technology, the company partners with IOTA, offering services in the form of DLT location.

The company partner with IOTA, as their technology is tailored towards solutions in the area of Internet of Things. IOTA claims that services operating on their Tangle network can even withstand quantum attacks.

Another company that has adopted IOTA’s Tangle technology is Volkswagen. According to companies chief Digital Officer, Johann Jungwirth, over 250 million vehicles will be connected on the road, and IOTA can become an underlying protocol that ensures transparency of audit trails.

ElaadNL, a Netherlands-based company has demonstrated the world’s first internet of things charging station on the IOTA’s Tangle infrastructure, facilitating the direct transaction between vehicle and charger.

Updates and Milestones Accomplished on the IOTA Network

The MIT media Lab uncovered security vulnerability with the IOTA Tangle. According to the team at MIT, the hash function used on the IOTA protocol (Curl), produced collisions with different input hash pointing to the same output. The director of MIT’s Digital Cryptocurrency Initiative mentioned that this enabled the MIT team, forge signatures on IOTA payments. This problem has been rectified by the IOTA development team.

IOTA’s JavaScript Beta Version Release

With this release comes an improvement on the JavaScript library, allowing more developers to flock into the IOT tech. As a complete re-write in Typescript, this makes implementation and updating developer codes a lot easier along with attracting Fin Tech enthusiasts.

IOTA’s Trinity Desktop Beta Release

The development team at IOTA has been working on the Trinity desktop version, following a successful launch of the mobile wallet. This will further make IOTA compatible with modern day devices.

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