IOTA (MIOTA) – Technical Analysis and Platform Developments

  • IOTA stays ahead with its latest DLT network, Tangle.
  • Secure Sensor platform SUSEE decided to utilize Tangle as its technology to upgrade its network.
  • IOTA awaits its programmable smart contracts, developing currently.
  • MIOTA rose by 3.3% to trade at $0.998 as its market cap hovers at $2.8 billion.

Tangle has gained attention since its inception in 2016. That is because of its innovative DLT (Distributed Ledger Technology). IOTA’s Tangle aims to facilitate micro-transactions across IoT (Internet of Things) space.

The DLT model has supported IOTA partnership with big industry players, including Dell Technologies, Engie Lab Crigen, Jaguar Land Rover, and many other companies. However, how has IOTA performed recently?

IOTA Technical Analysis

IOTA has performed quietly for a while as the crypto targets to reverse upside price moves. First and foremost, IOTA broke over the $0.96 mark around three weeks ago. Moreover, it hinted at the end of its lasting downtrends. The recent actions had the crypto stabilizing beyond the $0.94 price level. After that, it began to create a wedge formation, visible around the lower timeframes. Today, the asset reflected enough momentum to break out to the upside.

If IOTA bulls support a massive breakout over the descending wedge pattern, IOTA will clear its way to test the resistance at $1.40. With that, it might build a head-shoulder pattern with $1.40 serving as the neckline. The best thing is that the token can retain its bullish stance under this critical level. That is because the right shoulder forms early. If IOTA explodes to the upside, market players will have to watch the massive supply zone at $1.80.

Recent and Future Developments

The IOTA foundation has held its historic research symposium to share its latest research developments. The conference featured celebrated researchers and professors in the DLT field. The platform designed the program to analyze the multiple features that IOTA 2.0 boasts.

Meanwhile, to show how powerful IOTA’s Tangle is, Secure Sensor Platforms for Smart Energy Networks (SUSEE) opted for Tangle technology to improve its large-scale networks. Still, IOTA has a promising future. The platform aims to launch smart contracts capabilities through Nectar testnet in the next few months.

Should You Care?

The Internet of Things appears to enjoy a remarkable rate. As the industry expands its DLT usage, IOTA will enjoy the benefits.

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