IOTA price prediction after the trademark EA deal

The IOTA price barely changes, even after the Iota Foundation closed a big deal this week. The coin trades at $ 0.8610 where it has been for the past few days. It’s also around 70% below its all-time high, which translates into a total market cap of more than $ 2.3 billion.

IOTA trademark contract. Iota is a blockchain project that uses the concepts of distributed ledger technology to solve real problems. The project is used in various industries such as mobility, smart cities, social impact, global trade and digital mobility.

Iota has an agreement with Trademark East Africa to provide solutions to simplify commerce and address some of the biggest challenges in the industry. The organization will use this technology to reduce paperwork between iyt’s partner organizations. For one, a typical business owner fills out around 96 paper documents before sending a single document. Hence, using IOTA helps reduce paperwork and costs. The statement said:

“After a successful pilot project in Kenya, the IOTA Foundation and TMEA are now planning to extend the testing of the new system to other trade routes, such as the export of tea to Great Britain, fish to Belgium and textiles to the USA.”

So what’s next for the IOTA price?

IOTA price prediction

The daily chart shows that IOTA has been under a lot of pressure lately. This has resulted in it falling more than 70% from its highest level since the beginning. Along the way, it has moved below the 25-, 50-, and 200-day moving averages. A crossover of the 50-day and 200-day moving averages is known as a death cross.

What looks like a head and shoulders pattern has also formed. Hence, there is a possibility that IOTA price will break down as the bears target the next major support at $ 0.7268. On the other hand, movement above the resistance at $ 1.00 will invalidate bearish view.

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IOTA diagram

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