IOTA Retest Q1 2019 Peaks, Price Bullish Despite Weakness

Dalmas Ngetich

1 year ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

IOTA slides 11.4 percent
Coordicide and a new scalability-enhancing algorithm is bullish

The Internet of Things (IoT) industry is expected to rise to over $325 billion by 2023. As such, the IOTA Foundation is ready to capitalize on this projection. Through Coordicide and improvement of the existing algorithm, IOTA prices could correct upwards.

IOTA Price Analysis

Fundamental

Given the rise of smart contracting, futurists are optimistic. With millions supporting research and development, analysts are churning out papers confirming the power of blockchains. Therefore, it is so easy to see why blockchain dominates headlines. It is disruptive despite inherent technical challenges.

All the same, the creators of IOTA took a different route. By introducing a blockless system that is by default scalable, they plan to take over the IoT sector. Estimated to reach billions of dollars in coming years, the IOTA Foundation is readying for this bright future. However, there are outstanding hitches.

Top of the list is the issue of centralization. With a white paper detailing the removal of the Coordinator, the prospects of IOTA as an investment is attractive for enterprising investors. However, there is more. The IOTA Foundation is lining up for a new algorithm that will drastically improve the network’s performance.

Overly, the express objective of this algorithm is to address scalability, arrest spam attacks, and above everything, tackle congestion. In a paper, Achieving Fairness in the Tangle through an Adaptive Rate Control Algorithm, co-authored by Dr. Luigi Vigneri, a senior research scientist of the IOTA Foundation and one of the team members planning to implement Coordicide, the new algorithm will turbocharge the platform in three planes.

Firstly, it introduces the ability to stake IOTA. Secondly, it proposes an idea requiring each transaction to expend resources when solving a proof-of-work puzzle. Thirdly, upon implementation, the difficulty of the network shall be directly proportional to the number of transactions sent over time.

Candlestick Arrangement

At the time of writing, IOTA is down the liquidity and market cap leader board. Sliding 11.4 percent from last week’s close, IOTA is at risk of registering more losses. On the bright side of the equation, short to medium term performance of the asset is mainly dependent on the reaction at 40 cents.

Doubling up as Q1 2019 primary support, IOTA is at a retest. If there is an upward correction today or in coming days as prices rebound from 40 cents, odds are IOTA bulls will take charge in a trend continuation phase towards 55 cents and later 90 cents.

In that case, conservative traders should buy the dips once prices rally past 50 cents propelled by high trading volumes. On the other hand, any drop below 40 cents could see IOTA sink to 25 cents.

Technical Indicator

As a result, June 26 candlestick leads this trade plan. Any bulls’ confirming bar lifting prices above 50 cents ought to be with high participation exceeding 17 million of June 26. Similarly, marking a dump down is a meltdown below 40 cents differentiated by increasing trading volumes exceeding 17 million.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.