Tag: MIOTA

Why The IOTA Foundation Donated £1M To The Imperial College

by NEWSBTC

The IOTA Foundation announced a major contribution to the Imperial College. The non-profit organization based in Europe donated £1 million to the world-renown academic institution to research potential improvements to the circular economy supported by decentralized ledger technology (DLT).

Related Reading | Why IOTA Was Chosen By The European Union To Develop Blockchain Solutions

According to the Ellen MacArthur Foundation, the circular economy contemplates a transformation of the world’s economic model to reduce or eliminate the production of waste. Thus, economic agents would adopt a “system solution framework” to prevent negative impacts on the environment.

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The ultimate goal would be for humans to reduce waste and pollution from the production and supply chain and aid “nature to regenerate” itself. The Ellen MacArthur Foundation explains it as follows:

A circular economy decouples economic activity from the consumption of finite resources. It is a resilient system that is good for business, people and the environment.

In that sense, the IOTA Foundation and the Imperial College will collaborate to create an entity that will conduct research to promote the circular economy. Called the I3-LAB or Imperial-IOTA-Infrastructures Lab, the research facility will be located within the Dyson School of Design Engineering in London.

The lab will be comprised of prestigious academic faculty from this engineering school, including Professor of Cyber-Physical Systems and Deputy Director of the Dyson Robert Shorten. With a specialization in smart mobility, smart cities, sharing economy, and DLT, Shorten seems the right person to lead the initiative.

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Via his Twitter account, IOTA founder Dominik Schiener stated the following while celebrating the crypto industry’s influence to improve issues that affect people while creating real-world use cases:

Many of us have joined crypto because we truly believe in the positive impact that we can have. We are here to decentralize, to empower and to create opportunities for everyone. Let’s use the money, knowledge and communities we have to accelerate that impact.

IOTA Makes Push To Support Sustainable Economy

As Schiener clarified, the developments that will come out of this Circular Economy Lab will be open source and everyone will have access. In that sense, he invited the IOTA community to take part in the initiative and added:

This will be the first of many philanthropic activities from the IOTA Foundation. Let’s accelerate our impact, together.

The Foundation also revealed that its contribution to the Imperial College will support doctoral studentships, and postdoctoral fellowships for those researchers interested in topics related to sustainable business models, tokenization, and more.

The non-profit organization also claimed that selected projects will require cooperation between researchers, local entrepreneurs, and authorities. Thus, DLT will be leveraged to resolve a wide variety of environmental challenges. Peter Cheung, Head of the Dyson School of Design Engineering said:

We are incredibly grateful to the IOTA Foundation for their support. Innovation in sustainable growth is one of the key research themes for the Dyson School and this grant will bring new impetus to research on the technological drivers of the circular economy.

Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token

As of press time, MIOTA trades at $0.87 with sideways movement in the past 24 hours. The cryptocurrency has been following the general trend in the crypto market as it revisits support after BTC’s price was rejected at critical resistance.

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MIOTA moving sideways in the 4-hour chart. Source: MIOTAUSDT Tradingview

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Why IOTA Was Chosen By The European Union To Develop Blockchain Solutions

by NEWSBTC

IOTA was selected as one of the projects that will take part in the European Union Blockchain Pre-Commercial Procurement. The platform will be competing with four projects in a second round for this EU program for a chance at improving the European Blockchain Services Infrastructure (EBSI).

Related Reading | IOTA Smart Contracts Enter Beta Phase To Circumvent Network Flaws

Announced by the IOTA Foundation (IF), the network has reached stage two out of three after it was selected from around 35 applicants. This second phase will last around six months, per the announcement, and will have a special focus on research, development, and lab testing.

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The IOTA Foundation will receive support from the European Commission in order to investigate and develop “blockchain innovations in the context of testing how future evolutions of EBSI could evolve towards a more scalable, energy-efficient, secure and interoperable architecture”.

In that sense, the IOTA Foundation revealed that it will partner with Software AG to implement the developed solution. After, the EU Commission will launch an evaluation phase to test the results of its program’s second phase and the progress each participant has accomplished. The IF added the following:

(…) based on this evaluation, a minimum of three projects will be selected to move on to Phase 2B, final solutions development and field testing, which is expected to last another year.

Therefore, the non-profit organization will start testing blockchain solutions based on IOTA, specifically they will test a use case for digital product passports for digital waste recycling and a cross-border management of IP rights, the announcement said. Besides Software AG, the IF will rely on other partners and will attempt to growth its partner network.

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In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. This includes software giant IBM, Dell Technologies, Jaguar Land Rover, and others.

IOTA To Power EU Supported Blockchain Solutions?

In its final stage, the EU program will require projects to field test the capabilities of their proposals. The IF claimed to be “excited” about its role on this European driven initiative and added:

We very much support the strategic focus placed by the European Commission on blockchain and distributed ledger technology as a driver for innovation and growth. We are privileged to be part of this pre-commercial procurement procedure to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…).

IOTA will dedicate resources to develop solutions and use cases on Scalability, and the implementation of sharding on the EBSI infrastructure. The objective is to improve the protocol’s scale capabilities to onboard and support the users that will leverage the EBSI network.

The IF will attempt to develop its sharding solution with a “root network” approach. In other words, a main network will be connected to a series of leaf or branch smaller networks. In addition, the organization will work on its consensus and governance mechanism, its interoperability, and potential to implement identity solutions.

Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token

At the time of writing, IOTA trades at $1,11 with a 1.9% loss in 24 hours.

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MIOTA with small gains on the 4-hour chart. Source: MIOTAUSDT Tradingview

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How This IOTA DEX Seeks to Offer a “Unique” DeFi Experience

by NEWSBTC

IOTA has undergone one of its most important milestones since its inception, on April 29th the Chrysalis Network went live. Improvements in efficiency, security, and scalability were deployed. While developers work on its next major event, the Coordicide, the IOTA-based ecosystem keeps growing.

As part of Chrysalis, new dApps have made their way into the network. Amongst them is TangleSwap, a decentralized exchange (DEX), that seeks to bring DeFi into IOTA and combine it with the network’s most unique features.

The team behind this protocol has been involved with IOTA since 2017. For years, they have been planning to build on top of this network and contribute to its expansion. Via TangleSwap’s official Twitter handle, they said:

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(…) we knew that once the time was right, we would like to develop and provide the best tools so that the ecosystem and the community grew in a fast, secure and strong manner.

In the coming months, this team has promised IOTA users, hodlers, buidlers, the possibility to trade and swap tokens at low costs. In addition, this DEX will operate with fees close to “free as possible”, a feature not available in competitors such as Uniswap, SushiSwap, and others.

Ethereum’s network still hosts some of the biggest DeFi protocols with billions in Total Value Locked (TVL). However, high fees and congestion made room for competitors on other blockchains to thrive.

TangleSwap, as its name suggest, will leverage IOTA’s Tangle technology. This will allow users to benefit from automated trades and more control over their operations without the limitations set by high transactions cost.

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This means you will be able to trade as many times as you want, with virtually no restrictions. A feature that seems especially attractive to those seeking to automatize their operations but are being held back by insurmountable gas fees.

IOTA DEX To Enable Free NFTs Mints With Colored Coins

In addition to DeFi, the crypto space has seen a surge in interest in other sectors, such as blockchain-based games and Non-Fungible Tokens (NFTs). TangleSwap plans to use IOTA’s Colored Coins to facilitate the minting and transfer process of these assets.

The Colored Coins were a series of methods to managed real-world assets first proposed as Bitcoin update. In the future, TangleSwap will use these methods with tokens that will represent other cryptocurrencies, company shares, and other assets. Thus, increasing the applications for NFTs.

The developers of this DEX have mid to long-term plans that contain the aforementioned use cases. Their ultimate goal is to create an “entire financial ecosystem on one platform”, IOTA. Thus, they will add a native stablecoin, implement a lending platform, liquidity provision, and more.

All of this turbo-powered by the advantages brought by the Tangle over traditional blockchain technology. (…) We will witness a transformation in the way DeFi, trading and holding work, fueled by all the possibilities enabled by the IOTA ecosystem.

At the time of writing, IOTA trades at $0,78 and has followed the general sentiment in the market with a 5.3% loss in the daily chart.

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IOTA (MIOTA) Announces Its Collaboration with Crypto Finance AG

by Btcmanager

IOTA is set to complete its newest project, Chrysalis Network, in two days thanks to its collaboration with the Crypto Finance Group and its Crypto Storage subsidiary. With the completion of the network’s upgrade, IOTA bids goodbye to its exotic design decisions it has been using from its early days and makes its new protocol enterprise-ready. In a statement seen on IOTA’s blog, IOTA owes its most extensive upgrade to Crypto Finance Group and many industry partners.

Leveraging Partnerships for Enterprise Readiness

As noted from IOTA’s blog, their aim is not to provide a digital payment solution but also to support industry infrastructures. The project aims to push beyond conventional cryptocurrencies and achieve milestones in digital ledger technology. Its technology is already being used to provide industry solutions in global trade activities, innovative energy sectors, automotive and mobility, digital identity, supply chain, eHealth, asset management, and decentralized finance.

IOTA prides itself on an extensive ecosystem of industry partners and has always leveraged its position to develop a supportive technology for their business use cases and the IoT. Its partnership with Crypto Finance was born in 2019 to help achieve these goals, and the collaboration gained traction following discussions on IOTA protocol improvements.

IOTA’s Storage and Custodial Solution

As a custodial solution provider, the Crypto Finance Group had been actively involved with IOTA Foundation and even presented its interest in the IOTA network. Its needs were to provide IOTA with storage and custodial solutions, and eventually became IOTA’s first professional storage provider for the IOTA Token worldwide. It served the needs of both financial middlemen and partners across different industries. 

The collaboration supports all classes of investors and users in the secure management and access to IOTA Tokens. Leading enterprises using the token are also able to fulfill their institutional and compliance standards.

Crypto Finance has notably been actively involved in secure storage solutions to all its partners, constantly providing inputs and proposals. It was among the industry players that vouched to replace the Winternitz one-time signature scheme to allow the reusing of private keys and easy handling of clients’ funds. The replacement created significant improvements in conflict handling due to the shift from an account model to a UTXO version.

Crypto Finance Group Elevates IOTA Tokens Demand

According to Crypto Storage AG’s CEO, Stijn Vander Straeten, the Crypto Finance Group supports IOTA’s Chrysalis with its top-grade infrastructure fully. It has even elevated industry demands for IOTA Tokens use cases with zero security concerns.

The collaboration is setting the pace for the future of the cryptocurrency industry by providing a healthy feedback culture, open dialogues, bridge projects, sectors, and service providers. IOTA looks forward to more feedback from industry partners on their Chrysalis protocol. The network intends to remain close to the industry and alert on trends to develop the best possible technological solutions.

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How IOTA Could Reach $1B In Tokens Locked Before Chrysalis 2.0

by NEWSBTC

On April 21st, IOTA Co-founder Dominik Schiener said the platform was about to enter a new era. Chrysalis 2.0 is set to be deployed next week with a complete overhaul of this network. Firefly, the token’s new native wallet, is a key component and will operate as a bridge from IOTA 1.0 to the 1.5 update.

IOTA (MIOTA, Mi) holders can begin their tokens migration to prepare for Chrysalis. The process is the first stage to make reach the token’s potential as a peer-to-peer digital cash, as the Technical Lead at the IOTA Foundation (IF) Charlie Varley said.

Via Twitter, Schiener celebrated a milestone in this process. Only 12 hours after it was enabled, $220 million in IOTA Tokens were locked and ready to be migrated into the new network. Schiener said the following in celebration:

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This is simply amazing. After 12 hours, more than $220m #IOTA tokens are already #locked and ready for the #Chrysalis launch. Let’s reach $1 Billion tokens locked before the launch next week on the 28th!

In a special episode of IOTA Talks, Schiener clarified that the migration process is optional. Users can proceed with it at any time before and after Chrysalis’ launch. The next phase big event for the network will be Coordicide and should mark the beginning of this platform’s full decentralization. On the update, the IF said:

This relaunch will bring IOTA up to the level of an enterprise-ready product that is fully equipped for use in outside organizations and businesses that wish to leverage the power of the Tangle. Chrysalis improves the efficiency, security, scalability, and stability of the IOTA protocol (…).

IOTA Goes Higher On Bitcoin Pair

At the time of writing, MIOTA is trading at $1,72 with a 4.8% loss in the daily chart. In the weekly and monthly chart, the token has a 32.1% loss and a 20.6% gain respectively. According to analyst Lukas Tassanyi, MIOTA has held support in its BTC pair for the 30-day chart and has been making higher high after bearish price action.

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Tassanyi believes the tokens formed a symmetrical triangle on the 21st when the IF launched Firefly. Possibly responding to the current developments, MIOTA was set to break or rise. Since that moment, the price has been trending downwards.

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As Tassanyi showed in the chart above, $1.63 could be critical support for MIOTA, if it continues south from its current levels. In the short term, the analyst expects a period of consolidation. When it reverses the trend, MIOTA could target a new all-time high at $2.57.

In the long term, the analyst expects MIOTA and its platform to benefit from “two separate arenas”: its potential as a cryptocurrency with low, fast transaction and high scalability, and the Internet of Things (IoT) market. Tassanyi added:

If IOTA manages to succeed in only one of them, that should make it a $1 Trillion project already. IOTA is both the leading blockchain alternative and the leading IoT ledger. With no close competitors.

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IOTA (MIOTA) Gears to Conquer Climate Change and Greenwashing with DigitalMRV

by Btcmanager

IOTA trusts in the positive impact of IoT technologies on their economic system and everyday lives alike. IOTA’s Chrysalis and Green IT ecosystem ensure transformational change towards sustainable and regenerative practices. EU officials have called for joint commitment and action worldwide to lower emissions by 2030 to fight against climate change.

A Partnership Built on Prosperity

The IOTA Foundation and ClimateCHECK, a famous international climate and cleantech services and solutions, recently announced a strategic collaboration. The partnership seeks to advance innovative technologies for climate transformation, polished technologies, and sustainability that foster an open ecosystem in sustainable DLT protocols. 

They shared the first results of their joint ambition to create the DigitalMRV TM solution that streamlines and digitizes a process known as Measurement, Reporting, and Verification (MRV). IOTA partnered with a global network of climate programs and designed their DigitalMRV solution.

IOTA’s Chrysalis 2.0

With the transition and launch of the most significant update that IOTA has had to date coming on April 28th, 2021, the use of the IOTA Tangle reaches a critical point in its development. The target for ClimateCHECK and IOTA in their strategic partnership for climate and sustainability markets is to scale DigitalMRV implementations across various sectors and activities. The activities entail expanding facility integrations and partnerships, refining solutions to eliminate greenwashing, and increasing their understanding of their impact on the planet.

Earth Day 2021 enthusiasts are focused on implementing ambitious policies and transformational solutions to help restore the earth for future generations to flourish sustainably. Digital transformation is usually viewed as an essential part of the path forward.

Climate Smart Decisions

Several initiatives are focused on solving the climate crisis. They expect digital solutions to generate trusted data and automate the analytics to support better and more climate-smart decision-making. Additionally, they seek to achieve at least 15% of the GHG emission reduction goals of the UN Paris Agreement. 

CEO of ClimateCHECK, Tom Baumann, said that they have been working on climate change issues since 1998 in various roles and focusing since 2009 on bringing onboard digital solutions into reporting, measurement, and verification (MRV) systems. Digital innovations are rapidly advancing and becoming more critical for efficient and effective scaling of climate actions and nationally determined contributions under the Paris Agreement.

Although there’s a lot of attention on transformative technologies to solve the climate issue, the energy consumption of digital solutions continues to increase significantly. It has occurred despite several energy efficiency improvements. 

The unsustainable carbon footprint of blockchain reported for years by numerous studies was again recently in the spotlight. Several stakeholders are justifiably disillusioned with the possibility of digital solutions, including blockchain, as the planet’s liberator. 

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IOTA’s Chrysalis Testnet Records 2000 MPS Ahead of Network Migration Release

by Btcmanager

Open-source distributed ledger IOTA’s mainnet update Chrysalis recently recorded 2000 messages per second (MPS) coupled with 1000 transactions per second on its testnet. Sebastian Kremer, a tech enthusiast who works for Eikona AG, tweeted the details of the test. He included a chart displaying the 2018 MPS tally in the tweet, stating that the test was done under a performance-regulated situation.

Chrysalis’ History

The IOTA foundation integrated Chrysalis to transform its ecosystem into a fast and scalable network. The mainnet update, popularly IOTA 1.5, came to the public’s attention late last year after its public testnet launched in December 2020. The public testnet has since recorded 1000 transactions per second with confirmation times as fast as 10 seconds.

Chrysalis was preceded by Hornet, an upgraded node software version that paved the way for the former’s first phase release. The mainnet update’s testnet showed it took far less memory in transactions than its node software predecessors. 

According to IOTA, Chrysalis is the route to achieve a permissionless and scalable distributed ledger technology(DLT), a feat named Coordicide. IOTA’s Director of Engineering said, 

“The substantial TPS increase and speed of the network are clear indications of the progress we’ve made and will continue to make as we move towards Coordicide.”

The Firefly Token Migration

Set to start on April 21, IOTA protocol users are urged to use FireFly wallets to initiate the upcoming Chrysalis network and token migration. The migration excludes IOTA Ledger Nano customers as the network is working for an implementation that suits them. IOTA has given its users an outline of how to go about the FireFly process on its blog site.

However, users who have their tokens in exchanges like Binance do not need to undergo the process as the exchanges will aid the migration. Clients who have their funds spread around different addresses in small amounts are advised to transfer their earnings to the Trinity wallet. Additionally, users utilizing Trinity wallet services should follow the steps similar to those using the FireFly wallet.

IOTA Protocol’s Promising Future

With attributes like 1000 TPS/MPS, the IOTA network may be on the road to success in achieving decentralized and scalable ledger technology. Nonetheless, the testnet results displayed by Sebastian Kremer were achieved using high-end CPUs across approximately 25 datacenters internationally. Thus it is unclear how the updates will perform when circumstances are dreadfully worse.

Furthermore, IOTA has developed its own decentralized social media forum, Society2, which gives users control over their online data. In Society2, IOTA node owners are capable of running their own social media applications and websites. The platform focuses on protecting user data via blockchain technology.

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IOTA’s Bullish Momentum Continues as Chrysalis Phase 2.0 to be Launched Soon

by Blockchain News

The decentralized ledger platform IOTA is preparing to launch Chrysalis Phase 2.0, also known as the final phase of IOTA 1.5, and this will mark a major milestone for the company.

The Chrysalis, which is expected to be launched on April 28, 2021, will become a bridge network between IOTA and Coordicide event. The upgrade will bring about the complete decentralization of the IOTA network.

The IOTA Foundation declared:

“With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.”

The IOTA Foundation focused on the limitations of its first network iteration to build an upgraded platform with Chrysalis. Once the upgrade is successfully implemented, the current IOTA mainnet will become the old mainnet. The new mainchain will see an improvement in the reliability and speed of the network.

IOTA (MIOTA) Price Analysis

Source: IOTA/USDT Daily via TradingView

According to CoinMarketCap, IOTA, the 23rd largest cryptocurrency with a market cap of $ $6,714,232,826 has risen by 10.61% in the past 24 hours.

Judging from the daily candlesticks chart, the bulls were very strong when actively fighting against the bears under such a turbulent market yesterday. Almost the majority of the cryptocurrencies showed a downward trend as Bitcoin plunged to $51K. IOTA is an exception.

The long lower shadow line of yesterday’s candlestick indicates that the bears spared no efforts to instantly lower the price to the 55 day-Exponential Moving Average (EMA) of around $1.60. However, the bulls seized the opportunity to buy MIOTA dips without any hesitation, pushing the closing price higher than the opening price to form a green bullish candlestick. Currently, IOTA’s price maintains its bullish momentum and is trading at $2.43 at the time of writing.

The transaction price of IOTA/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

The Relative Strength Index slopes upwards, which suggests that there is a high chance that IOTA breaks through its all-time high (ATH) of $2.677 soon. A successful breakthrough may open a faster upward channel for IOTA  when the cryptocurrency hits a new high – this will indicate that the altcoin will not encounter strong selling pressure on its way up.

Conversely, if a large number of selling orders are triggered once IOTA’s price touches its ATH, then IOTA will likely experience a price retracement. The 20-EMA of $2.01 is a critical support level. As long as the IOTA/USDT floats above the 20-EMA of $2.01, the altcoin may stabilize and consolidate before resuming its upward momentum.

Image source: Shutterstock

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All Hands on Deck for IOTA’s Chrysalis 2.0, This Is What You Need to Know

by NEWSBTC

IOTA is ready for a major milestone with the launch of the Chrysalis phase 2 also know as the final stage for IOTA 1.5. The bridge network between IOTA and the Coordicide event which will lead it to full decentralization, Chrysalis will roll out on April 28th, 2021.

After this date, IOTA’s current mainnet will become the “legacy mainnet”. According to an IOTA Foundation official post, the infrastructure that will replace the current mainnet is already in place. The organization said:

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With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.

Classifying Chrysalis phase 2 as a “new beginning for the IOTA protocol”, the Foundation said they are testing the migration on Firefly with the help of internal and external testers. Since August 2020, the organization and IOTA developers have been developing the new components for phase 2.

In that regard, the team of developers has released several versions for the Pollen testnet. This component will introduce mana, a reputation system that will help boost IOTA security.

Software node Bee has been released in an alpha phase. Developers can access it and run a Bee node with an updated dashboard with full Chrysalis migration support.

Two of Chrysalis 2.0 most important components, Smart Contracts, and Stronghold have also been released in the first versions. For the first component, the developers are “refactoring the integration to reflect” some changes in Polled.

For Stronghold, the developers have placed the component under external audit and its benchmarks are “using microseconds for measurements”, as revealed by the IOTA Foundation. The organization said:

We are working together with the IF cryptography team to identify methods for performing multisig using Stronghold’s internal libp2p-noise based communication crate. Indeed, our primary focus now is on verifying and validating this crate and its processes.

IOTA’s token migration an important step for users

On Wednesday, April 21, 2021, IOTA holders, exchanges, and custodian can begin migrating their tokens. The process will be open until Coordicide deployment.

To begin the migration using Firefly, the holders will need to enter their seeds in the wallet. Later, they will receive a new mnemonic with an EdDSA address on the Chrysalis network. This address will have the user’s token. The IOTA Foundation said:

The heavy lifting is fully automated through the Firefly wallet and token holders are guided by a simple interface.

IOTA (MIOTA) is trading at $2,16 with 12.3% losses in the daily chart following the market’s general sentiment. On the weekly and monthly chart, MIOTA has 3.8% and 62.4%, respectively.

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IOTA Price Hits Three-Year High as Foundation Announces New Acquisitions

by Blockchain News

IOTA is an open-source distributed ledger and cryptocurrency designed specifically for the Internet of Things (IoT).

 IOTA is a new type of distributed ledger that does not require miners, electricity, or transaction fees to truly own the protocol.

Dominik Schiener, the co-founder of the IOTA Foundation, acquired 10% of the shares of “credX AG,” a German financial technology start-up company. The two parties aim to use distributed ledger technology, the Internet of Things (IoT), and artificial intelligence (AI) to extend the foundation of business-to-business (B2B) financial applications.

Schiener will collaborate with the credX AG team to develop many novel use cases leveraging distributed ledger technology, IoT, and AI. According to sources familiar with the talks, the SaaS platforms offered by CredX AG will be optimized with distributed ledger technology – which will offer increased safety, decreased fees, and real-time transactions that decentralization boasts of.

IOTA Price Analysis

Source: IOTA/USDT 4-Hour via TradingView

Although Bitcoin suffered a sharp correction, reaching a low of $53,000 yesterday, other cryptocurrencies such as IOTA (MIOTA) have opposite performance.

IOTA has risen by 29.42% in the past week and 5.31% in the past 24 hours. At the time of writing, IOTA is trading at $1.71.

On March 23, we can see that the green candlestick is successfully breaking through the previous high resistance level of $1.60.

Subsequently, IOTA reached a high of $1.7773. However, the red Doji candlestick indicated that during this period, there was a large number of selling orders, and the bulls could not push IOTA’s price higher again. IOTA’S price consequently fell back to $1.66. In the short term, $1.7773 will be a critical resistance level for IOTA.

IOTA is currently in an ascending channel. The bulls are actively defending the $1.60 support level. If the price of IOTA can rise above $1.7773, the token will eye the next psychological barrier of $2.

The upward sloping moving average and bullish MACD index indicate that the bulls currently dominate the market.

The Stochastic RSI indicator has retreated from the 80 overbought zones and formed a bullish crossover, which means that in the short term, IOTA’s price is likely going to surge higher.

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