The 48th largest cryptocurrency by market cap, IOST, led the market with a 16% gain on Wednesday. So let’s take this as an opportunity to take a closer look at this platform cryptocurrency. IOSToken is also known as the blockchain for the Internet of Services.
IOST Overview
IOSToken (IOST) is a scalable blockchain platform and has been able to remain decentralized since their inception. Developers can use its infrastructure to build their own next big idea. IOST’s direct competitor is Zilliqa, as they both use sharding for their platform design. With its roots in China, IOST has expanded to San Francisco and Singapore in the past year. Their team consists of Ivy League scholars, National Olympiad Gold medalists, and former Google, Uber, and KAYAK employees.
Meeting with SB Cloud
The company recently met with Alibaba (NYSE:BABA) Cloud’s computing company in Japan known as SB Cloud. SB Cloud was co-founded by one of Japan’s largest Telecom Operators, Softbank, and Alibaba.com. There’s no wonder that IOST’s value jumped with this news on Wednesday. That's because it could mean that IOST will have a future platform to showcase blockchain technology on the cloud.
If the two seal a partnership, SB Cloud will provide IOST’s blockchain technology and products to the business enterprise users it serves. By having blockchain technology on a cloud computing platform, users will potentially have access to a flexible, cost-effective avenue to quickly launch and use IOST’s blockchain technology in a short period of time.
IOST/USD Technical Analysis
Taking a look at IOST’s price action versus the USD, you’ll notice that it’s been a choppy ride since its ICO back in February 2018. After dropping like a hot rock from $2.66 to the current level of around $0.04, it’s been having difficulty to even crack above $0.07. With Wednesday’s bullish engulfing, it appears the pair may have bottomed out at the support level of $0.02.
However, it remains below the daily Ichimoku cloud and has a few Fibonacci retracement levels to break through before reaching the 0.07 resistance level again. In terms of volume, IOST is ranked 21 on coinmarketcap.com.
As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don't forget to complete your risk management due-diligence before developing your investment strategy.
*This article was originally published here.