On Monday, IOTA gained after it emerged that Jaguar was testing IOTA-based solutions in the new fleet of cars. Come Tuesday morning, IOTA started to lose some of the gains recorded in the wake of the news.
By the time of writing, the asset was trading at $0.30 a drop by -2.49% from the price recorded on Monday.
From the technical side, the IOT/USD pair is testing under the lower boundary of 1-hour Bollinger Band which is$0.3030. When this phase is over, we should witness psychological of $0.3000 which will be followed by the barrier created by SMA50 at $0.2950.
If we put the downward looking intraday RSI into consideration, we have a high possibility of a further bearish correction. However, the sell-off might be tied to around $0.2900-$0.2870 congestion zone supported by SMA200 (1-hour).
On the upper side, a supported move of over $0.3140 is necessary to mitigate the bearish pressure which will bring $0.3200 back into focus. The next barrier pops up at $0.3230 followed by the recent high at $0.3290.
On Monday, Jaguar and Landrover announced that drivers will soon get rewards in cryptocurrency in exchange for data. With the developments, the vehicles will be equipped to automatically report road condition data, such as traffic congestion to local authorities in exchange for IOTA tokens. The initiative is a partnership with the IOTA Foundation, Jaguar and Land Rover.
