TRENDING:
Canada CPI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

IOTA Market Update: IOT/USD directionless ahead of Coordicide testnet launch

  • IOTA team gets ready for a maojor testnet launch.
  • IOTA/USD is locked in a tight range amid the market uncertainty.
IOTA Market Update: IOT/USD directionless ahead of Coordicide testnet launch
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

IOTA developers announced the upcoming launch of the test network for Coordicide protocol also known as IOTA 2.0. The team explained that it had been working on several important updates that will take the network to the next level.

IOTA is a blockchain project focused on the Internet of Things (IoT) applications. According to Angelo Capossele, chief researcher at the IOTA Foundation, the new version of the protocol will replace the centralized coordinator node and make the network much faster. 

For the upcoming #Coordicide testnet we really want you to actually see and better understand how our Fast Probabilistic Consensus protocol works. I hope that with the new integration of #Grafana and #Prometheus we can accomplish this!

Earlier this month, the IOTA Foundation launched a new version of Hornet v.0.4.0 software for node operators. The update increased the network throughput up to 20 times. 

IOTA/USD: Technical picture

IOTA is changing hands at $0.2070. The coin has barely changed since the beginning of Monday and gained over 2% on a day-to-day basis. IOTA is currently the 24th largest digital asset with the current market value of $575 million and an average daily trading volume of $10 million. The coin is most actively traded on OKEx against USDT.

On the intraday chart, IOT/USD is still moving within the downside trend, while the recovery is capped by 1-hour SMA50 at $0.2080. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2100 and $0/2180 (1-hour SMA200). This barrier served as an upper boundary of the previous consolidation channel, thus it has a potential to slow down the bulls. 

The intraday RSI shows signs of the upside reversal, though the momentum remains slow. On the downside, the initial support comes at $0.2060 (the lower boundary of the recent range0bound pattern. If it is broken, the sell-off may be extended to the psychological $0.2000 and the weekend low of $0/1960.

IOT/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.
XRP falls toward key support as macro uncertainty, weak momentum cap recovery

XRP falls toward key support as macro uncertainty, weak momentum cap recovery

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.
Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks

Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks

The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.
Bitcoin pulls back as another golden cross fails to deliver

Bitcoin pulls back as another golden cross fails to deliver

Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.
Bitcoin: BTC retreats as macro headwinds grow

Bitcoin: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.