IOTA price skyrocketed as demand for the Internet of Things (IoT) cryptocurrency skyrocketed. The coin rose to $ 1.7462, which was its highest level since May 19. That rally brought IOTA’s total market cap to more than $ 3.6 billion.
What is IOTA and how does it work?
IOTA is a blockchain project that was developed in 2018. It’s a relatively different project than other popular platforms like Ethereum and Polkadot. For one, it’s a platform designed to help solve problems in the Internet of Things (IoT) industry.
IOTA achieves this through the Tangle, This is a directed acyclic graph (DAG) that stores transactions. the Tangle Technology works differently than blockchain. Transactions within the network are issued by nodes that make up the Tangle graph. In this case, he must always approve the two previous transactions when a transaction arrives.
In recent years, IOTA has concluded several partnerships. Some of the leading companies using this network are Dell Technologies, Jaguar Landrover, TradeMark East Africa, Zebra and Securesec. In fact, we recently wrote about the deal between IOTA and TradeMark that will help streamline business within the East African community.
IOTA price prediction
The daily chart shows that the IOTA price fell significantly in July, hitting a multi-month low of USD 0.5675. Since then, the coin has formed an inverted head and shoulders pattern, which is usually a bullish sign.
IOTA’s upward momentum gained momentum in the night session as it surged above the 25 and 50 day moving averages. The two lines of the MACD are also in a strong uptrend.
Hence, the coin is likely to continue rising as investors target the key resistance level at $ 2.7284. This is a notable price that is at its all time high, around 60% above current levels.