IOTA recovers from early losses as a blueprint for Coordicide update is unveiled
- IOTA stages a recovery amid positive fundamental background.
- The local resistance is created by $0.50 handle.
IOTA has recovered from an early Asian low $0.4181 to trade at $0/4300 by the time of writing. However, despite the resumed upside momentous, it is still down 1.5% on a day-to-day basis and down nearly 2% on a weekly basis.
The coin takes the 17th place in the global cryptocurrency market rating with the current market capitalization of $1.2 billion. An average trading volume is registered at $39 million, in line with a long-term average figure. IOTA is most actively traded on Bitfinex against BTC and USDT.
IOTA unveils blueprint for Coordicide
IOTA has launched a website for Coordicide update and revealed a blueprint for the Coordinator removal . It's an important step for the company as it confirms its commitment to decentralization and scalability principles.
"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 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 accompanying blog post.
IOTA's technical picture
Looking technically, IOTA may have a hard time taking off from $0.4300 level. The way to the North is packed with important technical barriers including a host of SMA (Simple Moving Average) levels and the middle line of 4-hour Bollinger Band. A sustainable move above this area will open up the way towards the next bullish aim of $0.4670 (the upper line of 1-day Bollinger Band), followed by psychological $0.50.
On the downside, the nearest resistance is created by the intraday low of $0.4180, which is closely followed by the lower line of 4-hour Bollinger Band at $0.4160. Once it is cleared, the downside is likely to gain traction with the next focus on psychological $0.40, strengthened by SMA50 and the lower line of Bollinger Band on 1-day chart.
IOT/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
