While the team at the cryptocurrency is getting ready for a major testnet launch, we can see that IOTA is directionless and the pair is locked in a tight range amid the entire market uncertainty. On top of everything, the altcoin news show that IOTA developers announced the upcoming launch of the test network for the Coordicide protocol also known as IOTA 2.0.
The team explained that it had been working on several important updates which will take the network to the next level. Known as a blockchain project focused on the Internet of Things (IoT) applications, IOTA is directionless now and the MIOTA token seems to be lacking an upswing right now which will make the network much faster.
For the upcoming #Coordicide IOTA testnet launch we really want you to actually see and better understand how our Fast Probabilistic Consensus protocol works. I hope that with the new integration of #Grafana and #Prometheus we can accomplish this!”
Earlier this month, the IOTA Foundation was found launching the new version of Hornet (v.0.4.0) software for node operators. This update increased the network throughput up to 20 times.
Currently, IOTA is directionless. Even though the coin was found changing hands at $0.2070 before, it managed to go up but has retraced again. This is why many analysts lose their faith in the IOTA news and why the coin is most actively traded on OKEx against the USDT Tether pair.
On the intraday charts, we can see that MIOTA/USD is still moving within the downside trend while its recovery is now capped by the 1-hour SMA50. Once it is out of the way, the upside to $0.2090 could be in and the next focus could obviously be the $0.2100 and $0.2180 zones.
The intraday RSI for IOTA is directionless, too, but showing signs of an upside reversal. While the momentum around the coin remains slow, the coin may be extended to the psychological $0.2000 and the weekend low of $0.1960 which was registered on the charts.
Currently, MIOTA is trading at the 24th place with a market cap of $580 million and a 24 hour volume of $10.75 million, which puts it somewhere in the middle when it comes to the most popular coins right now.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]