Traders Optimistic After IOTA Mulls Ethereum Alignment

Traders Optimistic After IOTA Mulls Ethereum Alignment

Is IOTA crypto’s phoenix? As the day’s second-best performing token, staunch fans possibly believe it is.

IOTA was previously a crypto market sensation that became silent during the coronavirus pandemic. However, the project is returning to the limelight with a gain of 10%. This is after its founder, Dominic Schiener, intervened during an Ask Me Anything session on January 24.

IOTA Unveils Alpha Version

Dominic’s comments verified the launch of IOTA’s new alpha version and the imminent unveiling of the IOTA Ethereum Virtual Machine (EVM), which later evoked a market flurry. However, he also suggested that IOTA holders stake on the IOTA Ethereum Virtual Machine by Q4. This might have also evoked a purchasing hype among token farmers.

The latest unveiling of the alpha version of iota-ore indicated a significant step toward strengthening network usability and rectifying protocol limits. Hans Moog, one of the IOTA Foundation’s key developers, used his social media account to reveal the upgrade.

The alpha unveiling introduces solutions to the docker network integration. In turn, this reduces future hacks, accelerates the detection of errors, and improves code management for team members. Further, developers can utilize local snapshots, minimizing the repeated uploads and downloads issues.

The alpha release might not be overflowing with updates. However, Hans stressed its importance by noting that ‘no person cares about alpha for a test net. However, the community can use the release to acquire some knowledge regarding the progress.’

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Market’s Positive Response

IOTA seems to be improving following the blows linked to bears. This has followed a vivid bearish pattern since December last year. This most recent news aided the token to spring back after it touched the monthly $0.19 minimum before the announcements. Since that time, it has risen to $0.24.

The highest price on January 26 was $0.25, a remarkable 12% rise following the correction. This made it the greatest-performing token following Chilliz (+13.66%) over the past 24 hours. Unloading more obscure metrics such as the Average Directional Index (ADX), Relative Strength Index (RSI), and Exponential Moving Averages (EMAs) indicates the possibility of a bearish IOTA trend. Meanwhile, the present price increase might establish the foundation for a comeback. Further, if the token becomes bullish, a possible target of almost $0.263 is envisaged.

In a bearish circumstance, the price might reduce to $0.23, with a monthly low of $0.195 indicating the next support to break. Like weather predictions, forecasts are regularly worth a little more than the pixels printed on them. However, IOTA’s return to the crypto community is finally noteworthy. 

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