The market bounced back on Wednesday with IOTA leading the top 10 cryptocurrencies with a 17% gain by the end of the trading day.
The gains came as the Berlin-based company behind IOTA technology, IOTA Foundation, announced the launch of IOTA ecosystem platform on Twitter. The IOTA ecosystem was created for the global community of developers and general enthusiasts contributing to the IOTA project to meet, collaborate, learn, inspire, develop and build.
On the other hand, IOTA's blockless blockchain was designed specifically to handle machine-to-machine micro-payments. While the majority of cryptocurrencies base their technology on the blockchain, IOTA is instead basing it on Tangle, a distributed ledger technology. This enables money and data to be transferred through its network.
From a technical point of view, IOTA crossed above the daily Ichimoku cloud on April 20th, indicating the strength of the new bullish momentum in the market. Wednesday's gains came after Tuesday's indecisiveness, forming a bullish engulfing, another indicator for further gains. However, the price needs to break above the 23% Fibonacci resistance level of $2.18 before we could be sure about this. The next bullish targets for medium-term traders are at $2.96 and $3.5 respectively. IOTA is supported by the upper band of the daily Ichimoku cloud at around $1.5.
