IOTA Market Update: IOT/USD gains ground amid the releases of the new protocol

IOTA has just announced the release of Pollen, the next iteration of its testnet for IOTA 2.0 protocol that will solve scalability and  decentralization issues. The architecture of the updated protocol consists of three layers: application layer, communication layer, and a network layer. They will support upcoming features like Tokenization and Scalable Smart Contracts.

Commenting the release, Jakub Cech, Director of Engineering, IOTA Foundation, said:

The community has always been an important part of IOTA’s development. With this release, we look forward to allowing our research and developer community, along with others to test out and validate the Coordicide components. We look forward to continuing to build the future of the IOTA protocol together with the community and our academic partners towards its production-readiness.

IOTA/USD: Technical picture

IOTA hit the intraday high at $0.2164 and retreated to $0.2130 by the time of writing. The coin has barely changed since the beginning of Tuesday and gained over 2% on a day-to-day basis. IOTA is currently the 24th largest digital asset with the current market value of $588 million and an average daily trading volume of $11 million. The coin is most actively traded on OKEx against USDT.

On the intraday chart, IOT/USD is still moving within the upside trend with the local resistance created by a combination of 1-hour SMA1000 and SMA50 on approach to $0.2100. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.2040 (the lowest level of the previous day) and $0.2000 followed by the recent bottom at $0.1960. 

The intraday RSI points upwards, which means the bullish momentum may gain traction and bring the intraday high back into focus. The next strong resistance is created by 1-hour SMA200 at $0.2178 and psychological $0.2200. 

IOT/USD 1-hour chart