IOTA team released wallet update, transactions are not resumed; IOT/USD stays under pressure

IOTA developers released a new version of the desktop wallet, however it is only partially functional.
IOT/USD stays under pressure amid signals of upcoming correction.

Tanya Abrosimova Independent Analyst

IOTA hit an intraday low at $0.2602 during early Asian hours and recovered to $0.2690 by the time of writing. The 24th largest digital asset has lost nearly 9% of its value in the recent 24 hours amid massive sell-off on the cryptocurrency markets. The coin has been losing ground since February 12, when major vulnerability of IOTA's flagship wallet was discovered.

IOTA updates Trinity, transactions are still disabled

IOTA developers updated the desktop Trinity Wallet to remove major vulnerability discovered on February 12. However, transactions on IOTA blockchain have not been resumed as of yet.

The new version of Trinity allows users to check their balances and transactions; however it is not a fully functional wallet as several functions, including transactions, are not available. The developers explained that the complete recovery would take more time.

The Coordinator remains down for now as we finalise our remediation plan. You will not be able to send value transactions. We will post an additional update soon detailing the plan going forward.

The team invites users to check their balances and report to Discord mod or member of the IOTA Foundation directly on Discord if they do not look correct.

The mobile version of the wallet was not affected by the attack, but the developers ask users not to open it until a new version is released.

IOT/USD: Technical picture implies that technical correction may be around the corner

IOTA broke below the lower line of the daily Bollinger Band at $0.2740, which usually signals that a technical correction from an oversold area may be underway. If this happens, a sustainable move above $0.2740 will open up the way towards $0.2880-$0.2900 (the upper boundary of January consolidation channel) and psychological $0.3000. A strong move higher will help to mitigate the downside pressure and improve the short-term technical picture.

On the downside, the initial support is created by an intraday low of $0.2602. Once it is out of the way, the sell-off is likely to gain traction with the next focus on SMA50 daily at $0.2500 and SNA200 daily at $0.2460.