Why Interest in IOTA is Growing
IOTA, one of the biggest crypto projects that went silent in 2020 during the COVID-19 pandemic, is in the spotlight again following an intervention by its founder, Dominik Schiener.
During an AMA (Ask Me Anything) session on Saturday, Schiener confirmed that an alpha version of IOTA will launch soon. Moreover, the IOTA Ethereum Virtual Machine will be rolled out this year to make the network compatible with the second-largest blockchain, Ethereum.
The IOTA founder also asked holders of IOTA tokens to stake them on the IOTA Ethereum Virtual Machine when it launches in the second quarter. These developments have sparked buying activity, causing IOTA to post a 7-day growth of 10.4%.
IOTA Releases IOTA-ore’s Alpha Version
Two weeks ago, the IOTA Foundation secretly released IOTA-ore’s alpha version, marking a massive step toward improving the network’s usability. Last week, Hans Moog, a key contributor at the foundation, revealed the upgrade on his X account.
According to Moog, the alpha release will mitigate future hacks, detect errors, and improve code management for IOTA developers. Moreover, the upgrade will now allow builders to use local snapshots instead of continual downloads and uploads.
The Market Response
The IOTA token cleared the bearish trend at the end of last November. However, despite being on an upward trend, the token recorded minimal gains in December, but the latest news from its founder has escalated the growth.
On Sunday, IOTA touched $0.26 and then declined to its current price of $0.25. Over the past seven days, the token has been among the highest performing despite dropping by 2.1% today.
Based on the Average Directional Index, Relative Strength Index, and Exponential Moving Average, it is unlikely that the token will trend downward over the next few days. Analysts predict a move to $0.28. However, If a downtrend occurs, IOTA might plummet below $0.23 to hit the support at $0.19.
Similar to weather forecasts, price predictions are not always accurate. That means IOTA’s price can easily go in the opposite direction from many analysts’ expectations. Nonetheless, IOTA’s comeback is definitely noteworthy.
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