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The cryptocurrency market had a rough start to the week, but IOTA is performing well despite the bearish trend.
IOTA, the native coin of the IOTA network, is the best performer among the top 100 cryptocurrencies by market cap. IOTA added more than 8% to its previous value on Monday.
The rally comes despite the broader crypto market having a bad experience early in the week. The market has lost almost 2% of its value in the last 24 hours and now has a total market cap of around $920 billion.
Bitcoin is trading below $19,000 again after losing more than 1% of its value over the past 24 hours. Ether, the second largest cryptocurrency by market capitalization, has lost more than 2% of its value today and is currently trading at $1,297 per coin.
The IOTA rally comes just days after IOTA technology secured Project ALFRIED, one of Germany’s largest publicly funded infrastructure projects.
ALFRIED’s first traffic pole prototype. The second hardware with IOTA! @Iota @etgruppe @alfried_fn identity #iota #iotainside #Did it #ssi pic.twitter.com/zSRq7p0RCq
Sharan Pernerker (@sharang33) September 19, 2022
Sharang Parnekar, a software and hardware engineer at ETO Gruppe Technologies, has been overseeing the ALFRIED project and revealed the project’s first traffic pole prototype a few days ago.
The ALFRIED infrastructure project uses the IOTA protocol as its core technology. So it will be a big win for the IOTA ecosystem.
The IOTA/USD 4-hour chart is bullish as IOTA has been doing well for the past few days.
The MACD line crossed the positive zone on Sept. 22 and has remained there ever since. Hence, it shows bullish momentum for IOTA.
A 14-day Relative Strength Index of 71 indicates that IOTA could enter overbought territory if the rally continues.
At the time of writing, IOTA is trading at $0.3046 per coin. If the rally continues, IOTA is likely to break out of the $0.3395 resistance level by the end of the day.
However, IOTA needs support from the broader cryptocurrency market to break above the $0.3635 level for the first time since August.
