IOT/USD market overview: IOTA marches towards decentralization with Coordicide solution

IOTA announced that they are going to execute their groundbreaking Coordicide solution to achieve true decentralization. Before the announcement, IOTA used a Coordinator within their system to maintain network security. The Coordinator was initially designed to prevent double-spends and provide transaction finality. 

The Coordicide solution will remove the Coordinator and address the following three issues:

• High transaction costs.
• Scalability challenges.
• The tendency towards centralization.

David Sønstebø, the co-founder of the IOTA Foundation, said about the solution: 

“We have been working towards the removal of the Coordinator since IOTA’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition.”

IOT/USD daily chart

• Following the news, IOT/USD bulls took hold of the market and pushed the price up from $0.438 to $0.488, charting an 11.4% increase in price.
• The spike took the price above the 20-day Bollinger band and the bears have taken over in the early hours of Wednesday to keep the price in check. IOT/USD is currently priced at $0.48.
• The signal line has diverged from the moving average convergence/divergence line to show increased bullish momentum.
• The Elliot oscillator has had three bullish sessions in a row with increasing intensity.
• The relative strength index (RSI) indicator has crept to the edge of the overbought zone.
• The nearest support level lies at $0.469 and the closest resistance level is at $0.478.