Blockchain technology is among the six major technologies in Italy that will improve the quality of life in the city. The technology is clean, secure and on-demand mobility. 2019 is just one month old and most people consider it as the turning point for the induction of tech and unfeigned nationals’ plans for the switching of urban centres to smart cities.
A comparison was made sometime back between those who dwell in the city. The challenge isn’t in the high use of technological solutions, but rather at the low level of involvement, joint operation, and the inclusion of Italian citizens in the integral strategic choices made for the digital transformation of the City Centre.
The implementation of the blockchain will enable firms to save around $50 billion annually at first, and over $500 billion annually after blockchain technology networks reach the mass market.
However, efficiency isn’t the key feature of this technology. It enables users to make the entire system less dependent on legion intermediaries and greatly ameliorate its transparency.
The human framework of a city is largely characterized by cultural, economic, social and other specifics. Integrating crypto and blockchain technology into a development plan could represent an efficacious choice of each stakeholder, from the angle of massive cooperation among citizens and communities, focusing on having a marvelous future for all people.
Technological innovation such as Blockchain is an enormous resource for those who dwell in the city, since it enables them to work on a wide range of critical factors, beginning with quality of life and going on to several direct opportunities for citizens and firms.
The Internet of Things (IoT), big data, autonomous vehicles, security and distributed ledger technology (DLT) are some of the chief technologies of the digital transformation. In order to work well, a network that is much faster than the present one is necessary.
DLT, one of the most promising technologies to address issues of security and personal information. Billing, financial transactions, contracts of all sorts, service management, will be the primary field of application.
Meanwhile, Italy is planning to turn Ticino, Switzerland into a ‘Cryptovalley’ in order to boost community growth, as Coinidol reported. Particularly blockchain, online and smart contacts system collection protocol that is earmarking large space most especially in the epoch of financial transactions & exchanges of digital currencies.
After becoming a certified Microsoft Independent Software Vendor, the Stratis team then launched their C# Nodesystem earlier this month on December 12, effectively allowing the long-awaited Stratis platform to go live.
Now, Stratis team has released yet another long-awaited product known as their Stratis Distributed Ledger Technology (DLT). This is momentous news as private companies and enterprises are now able to leverage the recently released C# node to deploy their own private blockchains.
The use of the C# Node language will allow companies to create highly optimized and efficient private blockchains which are scalable to the company’s needs. The private blockchains are capable of storing and tracking information, which are then integrated into the main Stratis blockchain.
This creates a more in-depth use case than just representing cryptocurrency token ownership.
This is a great achievement from the development team as corporations are now capable of deploying their own private blockchains using the Stratis consultancy services.
Stratis also bagged new partnership with MediConnect, who intends to create blockchain solutions for the pharmaceutical industry. Their collaboration is intended to prevent drugs being prescribed and dispensed from multiple pharmacies, reduce addiction, and provide traceability of the drugs from the manufacturing process all the way up to the patient.
Let us continue to take a look at the STRAT/USD market and highlight any potential areas of support and resistance moving forward.
STRAT Price Analysis
The Stratis cryptocurrency has seen a gigantic 41% price surge over the past 24 hours of trading, bringing the current trading price to around $1.46, at the time of writing.
More so, the market has seen a further 121% price explosion over the past 7 trading days after the release of the C# Node.
Stratis is now ranked in 36th position as it retains a $142 million market cap valuation. However, even after the great price rise over the past week, the 28-month old project is still trading at a value that is 93% lower than all-time high price
Analyzing price action from the short-term perspective above, we can see that since our last price analysis, STRAT/USD has dropped close to our highlighted support level around the long-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.5225.
STRAT/USD had reversed slightly higher at $0.53 and has continued to surge ever since, breaking well above the $1.00.
The market has recently hit resistance at the previous long-term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $1.43, but has managed to break above as it now attempts to break above the $1.50 handle once again.
The market is undoubtedly bullish at this moment in time as price action has now surged above $1.00. Price action broke above the previous December high, has continued higher, and is now attempting to break above $1.50.
The market will need to break above the resistance at $1.50 for the bullish run to continue instantly. However, there may be a slight pull back before this can happen.
Where is the Resistance for STRAT Above the $1.50 Handle?
If the buyers can continue to purchase up the market and push price action for STRAT/USD above $1.50, we can expect immediate higher resistance to be located at the short-term 1.272 Fibonacci Extension level (drawn in purple) priced at $1.55.
Further resistance above this can be expected at the medium-term bearish .382 Fibonacci Retracement level (drawn in red) priced at $1.68. This area of resistance is further bolstered by the short-term 1.414 Fibonacci Extension level (drawn in purple) priced around the same area.
If the bulls continue to drive price action further higher above $1.70, we can expect further resistance toward the upside to then be located at the short-term 1.618 Fibonacci Extension level (drawn in purple) priced at $1.85.
This is followed by the medium-term bearish .5 and .618 Fibonacci Retracement levels (drawn in red), priced at $2.03 and $2.39 respectively.
Where is the Support for STRAT Below $1.50?
If the bears regroup and begin to push price action lower for STRAT/USD, we can expect immediate support toward the downside to be located initially at the 100-day moving average (black line) which currently floats around the $1.27 handle.
Further support beneath this can then be located at the bearish .236 Fibonacci Retracement level (Drawn in red) priced at $1.24, followed by support at the $1.00 handle.
What Are the Technical Indicators Showing?
The RSI is in extreme overbought territory which indicates that the bulls may be reaching a point of exhaustion. However, it is important to note that the RSI can remain in overbought conditions for a number of days before beginning to retrace.
Price action has also boosted above the 100-day moving average which is a strong bullish signal.
If the 7-day EMA (blue moving average) and 21-day EMA (purple moving average) can continue to climb beyond the 100-day moving average, we can expect Stratis to continue to create fresh highs well above $2.00.
Development is an extremely important pillar for any blockchain project and the recent price surge resulting from the Stratis releases has proven this.
With the latest launches, Stratis can now begin to create private blockchain solutions for companies that don’t intend, or need, to have a public blockchain. The Blockchain-as-a-Service industry has now officially taken off.