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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

IOTA Is Down The Liquidity Rankings Despite The Promise of Coordicide

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis altcoins

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  • IOTA stable, up 1.3 percent week-to-date
  • The success of Coordicide will determine IOTA’s trajectory

Coordicide dominates in IOTA Forums. Upon test and implementation, the platform will trailblaze within the IoT landscape. Meanwhile, IOTA is stable but down the liquidity rankings.

IOTA Price Analysis

Fundamentals

The IOTA community is jubilant because of Coordicide. Consensus among critics and supporters is that the transaction validator, in Coordinator, is indeed a central point of failure. Its downtime can severely cripple IOTA’s ecosystem.

In a new white paper explaining how the blockless IOTA, meeting the needs of a feeless and real-time IoT ecosystem, will implement a solution, the team highlighted the need for patience.

Although supporters describe the final activation as game-changing, rewarding, and setting apart IOTA’s excellence in research, the exact date will remain tentative. That is until tests confirming that the option operates as designed.

Most importantly, initial tests must without a shadow of doubt demonstrate that the network is secure with sync in consensus, peering, discovering, and accountability of nodes. Once these tests are satisfactory, the mainnet will launch.

“Proposed ideas need to be simulated and tested to develop specific network components which we feel confident to deploy on the main network. We stress that some of the ideas presented here are works in progress and as such are not fully fleshed out. They are therefore likely to be modified as we make progress and perform simulations.”

Candlestick Arrangement

IOTA

Down to 17th, IOTA is stable in the daily and weekly chart, respectively. Even though the digital asset is trading within a bullish breakout pattern after convincingly closing above Q1 2019 highs-now support, bulls are struggling to rekindle initial momentum.

From the chart, IOT is at the early stages of a trend resumption phase after selloff of May 30th and the confirmation of June 3rd. As a result of the above, the best cause of action is for aggressive traders to load on dips.

Alternatively, conservative traders can wait for a complete reversal of May 30th losses. Therefore, that means upon clearance of May high, traders can comfortably buy the dips while aiming at 65 cents or higher.

Technical Indicators

In light of the above, May 30th and June 3rd candlesticks anchor this trade plan. The success of IOTA bulls largely depends on the strength of the underlying momentum.

If the breakout above 55 cents or May high is with high participation exceeding 22 million, odds are bulls will rally to 65 cents or beyond. Conversely, losses below 40 cents could see IOTA tumble to 25 cents or lower.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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