IOTA to Top 5 Largest Market Cap Cryptocurrency – What’s Next? – NEWSBTC 12/05/2017

Hi it’s Invest Diva’s Kiana with News BTC and here is your crypotocurrency update. In only two days, a little-known cryptocurrency called IOTA doubled its price and stormed to the fifth largest market cap, trailing behind Bitcoin, Ethereum, Bitcoin Cash, and Ripple. This week’s surge appears to be linked to the announcement of IOTA’s partnership with a bunch of corporate heavyweights, including Microsoft, Samsung, Cisco, and Volkswagen on a “data marketplace.” IOTA Foundation is a German non-profit firm that oversees the virtual currency. the cryptocurrency saw a spike on Sunday evening, and on Monday it briefly reached 1.93 versus the USD. While crowd psychology is a bit wilder in cryptocurrencies in general, comparing to other financial assets, let’s still take a look at the technicals to see if this new kid around the block could fit your portfolio. Setting the resistance level at the all-time high of 2.93, we could see a pullback towards the 23% or perhaps even 38% Fibonacci retracement levels of 2.31 and 1.93 as the market bulls lose steam and turn into profit-taking. However, as the word gets around, more and more traders could jump on the IOTA train and therefore push the price to new highs above $3. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.

IOTA to Top 5 Largest Market Cap Cryptocurrency – What’s Next? – NEWSBTC 12/05/2017

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Kane Dane