IOTA Price Analysis: MIOTA Hinges on Critical Near-Term Supporting Trend Line; IOTA Launches a Coordinator-less Testnet

  • The IOTA (MIOTA) price is currently testing a critical near-term ascending trend line to the downside.
  • The IOTA Foundation has launched a Coordinator-less Testnet, opening the door for public examination and feedback.

IOTA: Recent Price Behavior

The IOTA price has been trading very much within consolidation mode amid a lack of committed direction. MIOTA since mid-January has seen little in the way of a trend; the price has just been moving within a range-bound nature. Since losing upside momentum at the back-end of 2018, the described behavior has been active.

IOTA Launches a Coordinator-less Testnet

IOTA has launched a Coordinator-less testnet known as znet, which has been running for the past few weeks. The IOTA Foundation is opening the door for its community to have some involvement in its trial phase and to provide feedback around the same.

The details were distributed via their latest blog post, essentially inviting members of their community to come and participate. Open discussions are taking place via Discord and users can check out the live visualization of the znet Tangle. IOTA is welcoming all to contribute any issues and code via the CLIRI Github repo. Also, they are inviting users to run CLIRI nodes and join the network.

Advancement in Tangle

Coo-less IRI (CLIRI), which is a fork of the IRI, sees the removal of all Coo-related components, facilitating the creation of a testing ground. It will then be able to run a Coordinator-less IOTA network, significantly contributing to the understanding of difficulties that a Coordinator-less MainNet could potentially face. The primary purpose of this is to protect the Tangle in its initial phase attacks.

Coordinator (Coo) is a unique node which is operated by the IOTA Foundation. The Coo can consistently publish transactions of zero-value that are acting as a checkpoint on Tangle. They note that these transactions are seen as “milestones,” defining direction on which Tangle is being driven. Lastly, transactions are only able to be confirmed by the coordinator; this is done either directly or indirectly via a “milestone.”

Technical Review – IOT/USDT

IOT/USDT daily chart.

IOT/USDT is immediately receiving comfort by an ascending trend line, which has been running since 11th February. The price has required support on countless occasions since its formation. The support is tracking at $0.2780; a failure to hold will open up the gates to a strong potential wave of selling pressure.

Furthermore, the next zone of potential interest for the bears would be $0.2600-0.2400, an important demand zone. IOT/USD last traded down here between 28th January – 7th February, where the bull runs for February begun. The price went on to jump some 35% from this zone before then running out of steam and being stopped at a high supply area. Sellers are camped tracking from $0.3200-0.3400 range; the price faltered here, most recently on 24th February and the back-end of December 2018.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Ken has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.