IOTA announces Azimuth, IOT/USD stays rangebound
- IOTA is locked in a tight range on Tuesday.
- The local resistance is created by $0.46 handle.
IOTA is changing hands at $0.4531, with nearly 2% of gains in recent 24 hours. The 17th largest coin with the current market capitalization of $1.2 billion came close to $0.4800 on the weekend but failed to hold the ground. IOTA' average trading volume is registered at $21 million, in line with a long-term average figure. IOTA is most actively traded on Bitfinex against BTC and USDT.
What's going on
IOTA has introduced Azimuth, a new protocol, also known as NB-PoW. It is a spam-protection mechanism that allows nodes accepting transactions from neighboring nodes. Basically, this concept will enable low-performance devices to join the network and bring us closer to IOTA's vision of the machine-to-machine economy.
"IOTA Introduces Azimuth (previously known as NB-PoW): A different approach to proof of work that we are working on as part of our long-term vision for IOTA," IOTA Foundation announced in its official Twitter account.
IOTA's technical picture
Looking technically, on the intraday level, IOTA is sandwiched between $0.45 (Simple Moving Average, SMA100 and the lower boundary of Bollinger Band on 1-hour chart) and $0.46 (SMA50 and the upper boundary of Bollinger Band). A sustainable move in either direction will define the short-term momentum for the coin.
The next resistance is created by $0.4770 (the upper boundary of Bollinger Band on 4-hour chart), while strong support awaits us on approach to $0.4430 (SMA200 1-hour and SMA50 4-hour).
IOT/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
