IOTA welcomes a new member to the Board of Directors: IOTA price goes ballistic, surging by 12.52%

IOTA is delighted to welcome a new member, Sergey Ivancheglo to the IOTA Foundation Board of Directors. The announcement was made via Twitter on August 14. The detailed announcement on the Medium said that Sergey is a graduate of Bachelor of Science with a major in electronics and artificial intelligence. He has over 20 years of experience working as a software engineer. Significantly, Sergey has been working primarily on Distributed Ledger Technology since 2011.

Sergey is known as the pioneer of various technologies (“next-gen”) specific to the DLT community. He also developed Nxt prior to co-founding IOTA. Nxt was among the initial crypto projects that focused on harnessing the power of blockchain beyond Bitcoin. He is also part of the pioneers of Proof-of-Stake (PoS) consensus algorithm, in addition to implementing (PoS). On joining the Board of Directors Sergey said:

“A long time ago I decided that I would dedicate that decade to achieving my dream of constructing a globally shared illusion in VR. To make that possible, I aim to finish everything I started — that includes Economic Clustering, the technology currently called “NBPoW” and other things. I believe that joining the IOTA Foundation Board of Directors will help me to achieve this dream in good time.”

IOTA price analysis

IOTA recently declined below the major support at $0.54 while the next vital support at $0.50 failed to hold. The price traded marginally below $0.40 before regaining balance yesterday. However, the resistance at the 38.2% Fib level of the last drop from $0.518 to $0.3940 at $0.441 capped the gains.

The support at $0.440 held ground during the trading session yesterday and the IOTA broke out of the contracting triangle resistance at $0.4271. IOT/USD spiked toward the close of the session and exchanged hands above $0.46. The upside trend continued during the Asian trading hours today. Moreover, the bullish trend does not seem to be slowing down in the European trading hours. IOTA is up a whopping 12.52% on the day in addition that, it has broken the resistance at the 61.8% Fib level around $0.47.

The price is currently trading at $0.486 while heading toward the broken support resistance at $0.50. The 100 hourly moving average will offer resistance at $0.4968. Therefore, the buyers will have a hard time clearing the resistance between $0.49 and $0.4968 but a break above $0.50 will help the buyers to formulate another upward trajectory.

On the downside, the 50-day moving average on the same chart will work as a support at $0.46 while the former resistance at $0.440 is a stronger support area.

IOT/USD hourly chart