IOTA price moving higher as the German Ministry chooses IOTA Foundation as a hackathon finalist

IOTA price moving higher as the German Ministry chooses IOTA Foundation as a hackathon finalist
  • IOTA Foundation selected as a competition finalist to develop innovative solutions to help fight COVID-19
  • IOTA has been moving higher in the past few weeks following the printing of the all-time low in March
  • The buyers are eyeing a trip to $0.30 in the coming weeks

IOTA (MIOTA/USD) price has gained nearly 10% in the last week as the crypto market continues to recover from the March lows. Separately, the German Federal Ministry has selected the IOTA Foundation as a finalist in the competition to develop innovative tech solutions to help fight the COVID-19 outbreak. 

Fundamental analysis: IOTA among the finalists

The German Federal Ministry for Economic Cooperation and Development (BMZ) selected IOTA Foundation and 19 others to develop digital tech to help to fight COVID-19.

The event “The Smart Development Hack” took place on May 14 and May 15. It was held under the motto “let’s hack the coronavirus”, backed by the BMZ. Over 1,000 digital solutions were submitted by more than 150 participants. 

Among 150 institutions, 20 were chosen as finalists, including the IOTA Foundation. While the main idea of the event was to help mitigate the coronavirus crisis, it was particularly targeting less developed countries.  

The hackathon was supported by the European Union, Team Europe, various organizations and civil society from around the world. The selected winners will be developing Smart Care Corona Response in Africa and Eastern Europe. 

Apart from IOTA Foundation, other finalists selected during the event include CADUS e.V, Medicus AI GmbH, ICME Healthcare GmbH, and other prominent companies. The chosen companies will receive financial support to help them realize their ideas. 

“Our goal is to build on existing digital solutions and to refine and scale them with partners – across countries and sectors. The Hackathon is intended to adapt proven solutions locally and to promote innovations that provide digital help directly on the spot,” BMZ stated in an announcement.

“In the #SmartDevelopmentHack we have worked together with Europeaid 20 teams selected to work on innovative digital solutions to combat the effects of the coronavirus in the partner countries of German Development Cooperation”.

This is not the first project focused on fighting the COVID-19 where the IOTA has taken part. Last month, IOTA’s decentralized application “Open Marketplace” was the winner of the CODEVID19 hackathon. The application offers a decentralized marketplace, making trading much easier during times of crisis, such as nowadays.

Technical analysis: IOTA moving higher

IOTA has made significant gains in the past few days as the entire crypto market continues to recover from the March lows. IOTA, in particular, printed the record lows below $0.08 in the mid-March. The digital coin now trades around 150% higher from the lows.

IOTA daily chart (TradingView)

IOTA is currently trading within the ascending wedge, which is considered to be a bearish chart formation. However, a break of the wedge’s upper line should pave the way for a move higher as the buyers eye a trip towards $0.30, home to key diagonal resistance. 

Summary

IOTA has been moving higher in the past few days as it works its wap up following the record lows in March. In the meantime, the IOTA Foundation is selected as a finalist in the competition to develop innovative tech solutions to help fight the COVID-19 outbreak. 

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