IOTA defies gravity, gaining 14% in recent 24 hours

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