IOTA was once a sensation in the cryptocurrency market, but has remained largely silent during the pandemic. However, the project is once again in the spotlight, recording a 10% increase today following the intervention of IOTA co-founder Dominik Schiener during an Ask Me Anything (AMA) session held yesterday.
Schiener’s comments, which confirmed the upcoming launch of the IOTA Ethereum Virtual Machine (EVM) and the debut of a new alpha version of IOTA, caused quite a stir in the market. However, he also encouraged IOTA holders to stake their tokens on IOTA EVMs by the second quarter, which may have sparked buying hype among token farmers.
The alpha version of iota-ore, recently launched by the IOTA Foundation last week, makes significant progress in improving protocol parameters and enhancing network usability. Hans Moog, a key developer at the foundation, announced the upgrade via his social media accounts.
The alpha release provides fixes to Docker network integration to mitigate future hacks through nightly testing, faster error detection, and better code management for various team members. Developers can now use local snapshots to reduce the burden of constant uploads and downloads.
Although the alpha release may not have enough updates, Moog emphasized its importance, saying, “No one cares about the alpha on testnet, but the community will gain knowledge about our progress in this release.”
market reaction
IOTA appears to be recovering after all the bearish hits. This follows a clear bearish trend since December 2023. The latest news helped the token bounce after hitting a monthly low of $0.19 before the announcement. Since then it has risen to $0.24 at the time of this writing.
Today’s highest price is $0.25, up 12% after adjustment, making it the second best performing token in the last 24 hours after Chilliz (+13.66%).
Unravel more esoteric metrics, such as: A bearish trend in IOTA still appears likely, including the Exponential Moving Average (EMA), Average Directional Index (ADX), and Relative Strength Index (RSI). Nonetheless, today’s price surge or at least a pause in the decline could set the stage for a recovery, If the token turns bullish, Tradingview predicts a possible target near $0.263.
In a bearish scenario, the price could fall back to $0.23 and the next support could be broken, with monthly lows at $0.195.
Of course, like weather forecasts, forecasts are often worth little more than the pixels they are printed on. But IOTA’s return to the cryptocurrency community is ultimately notable.
Edited by Ryan Ozawa.
