Tanya Abrosimova
Independent Analyst
- 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.
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.
IOT/USD daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.