On Tuesday, the price of IOTA spiked suddenly by 21% vis-a-vis the US dollar after receiving a boost from Japan. A Japanese IT equipment MNC from Tokyo, Fujitsu, recently published a paper that explains how to use IOTA-focused blockchain for storing data immutably for the purpose of audit trail. The IT behemoth is planning to soon integrate IOTA into its own operations, especially with regard to manufacturing and management of its supply chain to make sure the processes remains transparent, trustworthy, as well as secure. According to a part in the paper released by them, the company, with its immense expertise in IT services as well as product manufacture in IT, is well-equipped to aid in rolling out IOTA as the new standard of protocol.
The Fujitsu announcement served as a catalyst to the bullishness of the market and helped propel IOTA upwards by a significant percentage. The market trend had been towards the sides from a medium term perspective and downward from a long term one. The IOT/USD spike managed to confirm a slight downside correction despite depending on extremely sturdy fundamentals. With this jump, the market cap of IOTA has risen to $1.8 billion, as per the information on CoinMarketCap.
The present upward swing is taking the medium term bullishness forward for the IOT/USD pair. Its position has also been enhanced with regard to the 100H and 200H moving average curves. This tells us that the buying sentiment is currently in its favour as far as the market is concerned. The Stochastic and RSI indicators are also showing signs of weak attempts at making downside recoveries. A large part of the spike may be attributed to the frenzy following the announcement of the collaboration between IOTA and Fujitsu. The Japanese company is currently planning to apply IOTA Tangle in its own PalmSecure Palm Vein Pattern Recognition Technology to attain the goal of managing identity information properly and making access management more convenient. Expectedly, the partnership as well as the bullish tendencies could help the coin achieve better market adoption and also reach a much higher market value in the near future.
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