The IOTA foundation has made tremendous progress in advancing the IOTA tangle, both in terms of technical development and adoption. One of the techniques they have used to drive adoption is through strategic partnerships with major corporations, such as the ones they have struck with Volkswagen, Fujitsu and a host of other companies. The other approach is to get into partnerships that foster startups that use the tangle. That’s exactly the partnership that the IOTA foundation has gotten into with Nova. As per the IOTA blog, this is a partnership that will drive up the number of successful startups utilizing the IOTA tangle. Here is an excerpt from the IOTA foundation about this deal.
“The partnership aims to prevent the main reasons for startup failure and ensure that the full potential of distributed ledger technology can be realized. Focusing on the very early stage of startup development, IOTA will initiate a seed fund to would-be entrepreneurs harnessing the Tangle, its distributed ledger technology…entrepreneurs will also have access to an IOTA test lab to build and test their solutions, Nova’s mentoring programme, and its expert tech startup team consisting of 20+ startup consultants and a full range of digital disciplines.”
This partnership is a big deal and could drive up the number of successful companies using the IOTA tangle. But does this matter to IOTA (MIOTA) investors? Absolutely yes. The IOTA (MIOTA) coin is the native cryptocurrency in the IOTA ecosystem. This means that, as the number of IOTA tangle users grows, so will the demand for IOTA (MIOTA). In essence, this partnership is more of a long-term goal, since this space is still young and needs nurturing. Society is yet to fully embrace DLTs, but once it does, IOTA will be fully prepared. This also makes IOTA (MIOTA) heavily undervalued at current prices since the upside growth potential is not yet tapped.
But that aside, even from a technical analysis perspective, IOTA (MIOTA) is looking pretty good. That’s because, in spite of all the developments in the last one year, the price has taken a huge hit from the crypto bear. IOTA (MIOTA) has in this period lost over 90% of its value. However, there is hope. Not only are partnerships such as the one with Nova adding to its intrinsic value, but it also seems to have bottomed out. In the weekly charts, IOTA (MIOTA) has strong support at $0.23, and so far it has respected it. This is an indicator that investors don’t believe that IOTA (MIOTA) can go lower than this. Of course, it is also supported by the fact that Bitcoin (BTC) is respecting its own long-term support at $3200. In essence, the entire market could be trading at the bottom. The result is that bulls could take control again, after a very long time. The result is that, IOTA (MIOTA), which is trading way below its lows, and has fundamentals backing it up, could see its value rise significantly in the long-term. IOTA (MIOTA) at over $10 in a bull market is very possible.