- 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”Š. 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
Share
