Tanya Abrosimova
Independent Analyst
- The launch of a new tech solution for IOTA ecosystem triggered a strong upside movement.
- The coin may face stiff resistance on approach to $0.50.
IOTA hit $0.5100 during the late trading session on Tuesday amid the excitement and the fear of missing out (FOMO), created by the announcement that the project is ready to move to the next development stage.
Even though IOTA has retreated to $0.4840 by the time of writing, it is still an outright growth leader for the day with 14% of day-on-day gains. The last time the coin experienced such a sharp rally in April when the partnership with Jaguar Land Rover was announced.
This time it's all about Coordicide Solution, a distributed ledger technology which is supposed to remove the barriers to coin's mass adoption in the real world. The new technology will replace its predecessor Coordinator.
"Removing the Coordinator from the IOTA network will realize a long sought after goal in the field of DLT: scalability without centralization. The solution itself is inherently modular, meaning that users will have the ultimate freedom to tailor the system to their individual needs. Its implementation will be a major milestone in the IOTA Foundation's goal of creating a truly enterprise-ready DLT.," the company wrote in the blog post.
Read more about the announcement here.
Looking technically, IOTA may face resistance on approach to $0.4950 (the upper line of 1-day Bollinger Band). This level is followed by psychological $0.50 and the recent high of $0.51. On the downside, the initial support is created by the intraday low of $0.4600. A sustainable move below this handle will open up the way towards the next bearish aim of $0.40.
IOT/USD, daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?