- IOTA leads the way with its state of the art DLT network, Tangle
- SUSEE (Secure Sensor Platforms for Smart Energy Networks) has chosen to use Tangle as the core technology for building a large scale sensor network
- The beta release of programmable smart contracts is currently in development for the IOTA Network
- MIOTA is up by 3.3% and now trades at $0.9998, giving it a market cap of $2.8 bn
Since its launch in 2016, IOTA’s Tangle has attracted much attention due to its innovative Distributed Ledger Technology (DLT). Tangle deviates from the traditional blockchain architecture and is designed specifically to support micro-transactions across the Internet of Things (IoT) environment.
This new DLT model adopted by IOTA has led to the IOTA Foundation partnering with the biggest names across various industries. The list includes Dell Technologies (NYSE:DELL), Jaguar Land Rover, Engie Lab Crigen, and over a hundred other companies. So how has IOTA fared in recent times?
Technical Analysis
For a while IOTA has been a silent sleeper, quietly forming something of a market reversal to the upside. Firstly, IOTA broke above $0.96 some three weeks ago and hinted at a possible end to this long-winded downtrend. Recently IOTA solidified itself above the $0.94 level and started to form a wedge pattern better visible at the lower timeframes (e.g. 2H chart below). Today’s price action showed that IOTA’s price can indeed rise sharply, blast through local lows at $1.03 and keep bulls interested.
A strong break above the descending wedge top would give IOTA a greenlight to try its luck at a historical $1.40 resistance level and, possibly, form a right (head and shoulders) shoulder with key $1.40 level acting as a neckline. Beauty here is that IOTA can spend time below $1.40 and still seem bullish, since the right shoulder is still very early in formation and may give enough time to accumulate longs and get noticed. In case IOTA price does blast to the upsite, the next target to watch is a strong supply level at $1.80.
For my doomers and gloomers here, $0.96 is your key level to watch. A firm break below $0.96 will invalidate this possible bullish head and shoulders described above and clear IOTA for a freefall. Given that, the next support level to watch would be $0.06, since it gave rise to two strong price runs before and might spark another one next time around.
- A break above $0.96 showed that IOTA might enter an uptrend once again.
- If IOTA breaks the top of the descending wedge, we could see more upside to the key $1.40 level.
- A break above $1.40 would signal for a long term uptrend.
- Price action below $0.96 would likely mean further losses for not-so-happy IOTA campers.
Recent Developments
IOTA Foundation, the creators of IOTA, is a non-profit foundation that supports the development and standardization of new distributed ledger technologies (DLT). To share insights into the latest developments in IOTA research, the foundation held its first-ever research symposium.
The symposium featured renowned professors and researchers in the field of DLT. The program was organized to give a deep dive into the many exciting features of IOTA 2.0.
The IOTA Foundation has also announced that it will be joining the Gaia-X community, a project initiated by Europe for Europe and beyond. The community is designed to develop a common, secure, open, and sovereign use of data in Europe and beyond.
Reiterating how good IOTA’s Tangle network is, SUSEE (Secure Sensor Platforms for Smart Energy Networks) has chosen Tangle as the core technology to be used for building its large scale sensor networks.
The announcement was made at the applied non-nuclear research funding in the 7th Energy Research Program called ‘Innovations For The Energy Transition’. The IOTA Foundation announced that it would be working with
“the energy distribution network operator SWO Netz, the two research institutes Fraunhofer FIT/IPT, the university TU Chemnitz, and the SMEs peerOS, mCloud Systems, and TIP, to develop a scalable solution for reliable and secure data transmission and processing in sensor networks.” The collaboration will see IOTA’s Tangle used as a solution for energy suppliers as they look to transition from non-renewable energy into a reliable, climate-friendly energy supply at affordable prices.
The DailyCoin Team found the IOTA community to be delighted with the announcement. A follower of the IOTA project, Anczyk Jakub, reacted to the news, stating,
“another solid news about the long-term project with forward-thinking institutions. My imagination is literally sparkling when I think about IOTA in the next few years.” Replying to the news, Linus Naumann wrote;
“Damn again, just insane acknowledgement by governments and academia. #IOTA”
Future Events
While these are already exciting days for IOTA, the future holds more. The SUESS collaboration and incorporation into the Gaia-X community will bring significant development to the network.
Smart Contracts will be coming to the IOTA network in the coming months via Nectar testnet. In addition, the testnet will also bring basic support for the Ethereum Virtual Machine and Solidity. Nectar is currently in development and is about 70% completed.
Following the mobile beta release for Firefly, the IOTA development team has begun working on its alpha release. Firefly is the official, secure, user-friendly wallet for sending, receiving and managing tokens on the Chrysalis network.
On The Flipside
- Having been in the market for more than five years, IOTA is one of the older cryptocurrencies.
- The coin has been judged by many as underperforming, failing to compete in the market against newer emerging cryptos
- MIOTA is down 82.39% from it’s $5.69 all-time-high in December 2017 and 1158.56% up from it’s all-time low of $0.07962 in March 2020.
The IOTA Community
IOTA is an open-source project with a great following and a steadfast community. IOTA has a respectable online presence with over 200k followers on Twitter (NYSE:TWTR), over 50k on Discord, and 17k on LinkedIn.
Contrary to the predictions for price analysts, the community still believes in the project’s explosive power. Alvaro Dela, a believer in the project, wrote;
I want to see #IOTA to break 5$ before to the end of 2021
Felipe, shares the same views:
Not today, not tomorrow, but $MIOTA will hit $100+ #IOTA
Why You Should Care?
The Internet of Things (IoT) is growing at a tremendous rate. In 2020, the number of IoT devices reached 8.74 billion, showing how well integrated technology is becoming. As the industry grows further and utilizes DLT, IOTA, one of the pioneering projects is bound to benefit.
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