IOTA hits new 2019 high following ‘Coordicide’ Update

IOTA’s formidable rise is directly linked to a recent update on IOTA’s network referred to as ‘coordicide.’
IOTA claims that that introduction of the DLT was not at all influenced by miners and corruption.

John Isige FXStreet

IOTA has posted breached several resistance levels to post a new 2019 high at $0.5100. Moreover, the price is still in the green as the gains settle. The price is up 18.50% from the same time yesterday. There has been a retracement from the new highs but support has been established at $0.45. IOT/USD is currently trading at $0.5026 and has a 24-hour volume of $106.16 million. IOTA is currently the 15^th largest crypto on the market with a market cap of $1.47 billion.

The formidable rise is directly linked to a recent update on IOTA’s network referred to as ‘coordicide’ or otherwise known as the death of the coordinator. The update encompasses various types of validating nodes as well as miners and stakeholders. This means that the new update has launched a permissionless and scalable Distributed Leger Technology.

IOTA claims that that introduction of the DLT was not at all influenced by miners and corruption. Moreover, the new update supports fee-less transactions and therefore makes micropayments possible while ensuring seamless data and information sharing among machines.

IOTA technical picture

The hourly chart for IOT/USD trading pair shows an asset that has entered a bullish zone. The price has been trading higher highs and higher lows from the support formed in the last week of April at $0.23. IOT/USD has explored the levels by breaching several barriers at $0.275, $0.3250 $0.4000, $0.4500 and the recent $0.5000. The formation of a high above $0.5100 coupled with the current building bullish momentum means that the investors' interest in the token is higher than it has ever been in 2019. All technical signals show that the bulls have the control while the bulls have set their eyes on $0.6000 in the short-term.

IOTA/USD 1-hour chart

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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