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- The IOTA (MOITA) price is changing in the consolidation mode, but the price behavior seems very favorable to future movements towards the north.
- The IOTA Foundation announced the details and master plan for a major network upgrade called Coordicide.
MIOTA / USD: Recent price behavior
IOTA has maintained strong peaks with the price on a strong recovery path. He has managed to earn more than 70% since the beginning of 2019, having been beaten throughout the year 2018, which accelerated downward at the end of the year. Last week's price hit its highest level since October 2018, reaching $ 0.55.
A good run north was seen last week, thanks to a big boost to the bulls the week before. IOTA was evolving within the limits of a bullish pennant structure. The increase was restricted from May 15 to May 26, until the bulls were able to break through, prompting a strong wave of buying pressure.
Following the notorious push of the technical flag to the north, the price climbed 37% before colliding with a barrier. Since the bulls have had the wind in their sails, MIOTA / USD is in consolidation mode. The contraction of prices observed would suggest an imminent escape for a continuation of the rise.
Major network upgrade – Coordicide
Recently, the IOTA Foundation announced a major upgrade of the network called Coordicide. It aims to provide a new type of decentralized mechanism for securing data and digital badets on IOTA's entangled network.
The IOTA Coordination Update will address three main issues with blockchain technology: high transaction costs, scalability issues and the trend towards centralization. All areas have been detailed in the blog article.
The IOTA Foundation said:
"IOTA promises that the new upgrade will bring increased scalability, faster transaction completion, easier node maintenance, and a range of new use cases." These are likely to include streaming services of data and other applications in real time. IOTA maintains that such uses are currently not feasible in other systems using DLT. "
Commercial recommendation
Given the recent stabilization and consolidation of the MIOTA price as a result of such an aggressive move to the north, new purchases seem attractive. The price seems to drop to $ 0.4610, which has provided support for the last four sessions. Upward during the same period indicated was capped at $ 0.5135.
The next area of interest for bulls will likely be the range of $ 0.6250 to $ 0.6300, which is the next major supply area. MIOTAlast was traded at these heights in mid-September 2018. Further north, the territory of 0.7450 USD would be another target, the high zone of September 2018. In terms of stops, these should be considered just below the bottom of the current daily range. at $ 0.4450.
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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