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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

IOTA’s Coordicide, Price Up 11.2% And IoT Could Hit $318 Billion by 2023

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

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  • IOTA adds 11.2 percent
  • Coordicide update significant for IOTA

Decentralization is the central theme within blockchain circles. And IOTA is not deviating. With Coordicide, the network will be more decentralized and “inherently modular.” As a result, IOTA prices may inch higher in response.

IOTA Price Analysis

Fundamentals

For an efficient future, there must be investment supporting the development of the Internet of Things (IoT). Regardless of one’s opinion, IoT is vital for future efficiency. Statistics reveals that the IoT as an industry was worth $130 billion by close of the financial year 2018.

Good news is, the figure could more than double, in the next four years, to a whopping $318 billion with a compound annual growth rate (CAGR) of 20 percent. Now, to say IOTA leads in innovation and development in this space is an understatement.

Following the precedent set by Cardano, IOTA is hard at research for the general betterment of the IoT and indeed the blockchain space. Already, there are plans to eliminate the central coordinator, in an upgrade dubbed the Coordicide, the Iota landscape will be more decentralized than before.

Furthermore, Coordicide shall scale the network. In their latest technical update, the IOTA Foundation says:

“Removing the Coordinator from the IOTA network will realize a long sought-after goal in the field of DLT: scalability without centralization. The solution itself is inherently modular, meaning that users will have the ultimate freedom to tailor the system to their individual needs.”

Candlestick Arrangements

IOTA

Even so, that is not stopping other project’s coins from usurping IOTA. Down to 18th in the liquidity and market cap leader board, the currency is trading at 46 cents. Because of that, it is 11.2 percent higher from last week’s close, and bulls are aiming for more.

Like most assets, IOTA is trading within a bullish breakout pattern against the USD. After the retest following the double bar bear reversal pattern of late May 2019, the retest of 40 cents, the break out level is complete.

Marking the entry of buyers is June 22bull candlestick that is extensive with decent trading volumes. In light of the above, traders can enter at spot rates with targets at 55 cents and later 90 cents. Fitting stops will be at 40 cents or the low of the breakout bar of May 15

Technical Indicator

From an effort versus result point of view, buyers have the upper hand because of June 22candlestick. Buoyed by a spike in trading volumes of 19 million against 6 million, it is likely that prices will edge higher. In that case, traders should tune entries in smaller time frames with the expectation of participation expansion as prices inch higher.

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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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

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