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  • IOT/USD has been moving in a tight range of the past days.
  • IOTA team released Trinity Seed Migration Tool to address the recently discovered vulnerability.

IOTA, now the 24th largest digital asset with the current market value of $602 million, has recovered from the intraday low of $0.2031 to trade at $0.2170 by the time of writing. The coin has gained over 1.7% since the beginning of Sunday and stayed mostly unchanged on a day-to-day basis. IOT/USD has been range-bound recently, moving in sync with the broader cryptocurrency market. 

IOT/USD: Technical picture

On the intraday charts, IOT/USD is supported by $0.2050. This level includes the recent low and the lower boundary of the short-term consolidation channel. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $0.2000. This area is likely to slow down the bears and create a precondition for a rebound. However, if it is broken, stronger support of $01930, created by the lower line of the daily Bollinger Band will come into view. 

On the upside, the initial barrier comes on approach to $0.2250, which coincides with the higher line of 4-hour Bollinger Band and the upper boundary of the consolidation channel. Also, a strong resistance comes at $0.2270 and $0.2300. This area includes SMA100 daily that has been limiting the recovery during the previous week. Once it is out of the way, the upside pressure is likely to increase with the next focus on $0.2400 (SMA50 4-hour).

IOT/USD 4-hour chart

Trinity users are urged to migrate to new seed

IOTA team urged users to migrate their tokens to a new seed. According to the recent post in the official IOTA blog, the Seed Migration Tool is now available of all versions of IOTA’s Trinity wallet. It is a part of a recovery process aimed to protect users from theft caused by software vulnerability. On February 12, 2020, hackers managed to steal IOTA tokens.

Trinity users will have seven days from 5PM UTC February 29 until 5PM UTC March 7 to migrate. At the end of this period, we will turn the Coordinator back on.

The team encourages the Trinity users that opened their desktop wallet between December 17, 2019, and February 17, 2020, to migrate their tokens using the seed migration tool.  Otherwise, their tokens may be vulnerable once the Coordinator is on because no one knows for sure how many seeds were stolen while the vulnerability was being exploited on Trinity Desktop Wallets.