IOTA Fundamentals Growing; Azimuth And Coordicide Could Ignite Bulls Aiming At 55 Cents
Today’s IOTA News
In a machine economy, IOTA as a blockless DLT platform is well-positioned to dominate. Outshining competitors in several aspects and most importantly in visibility, IOTA promises to roll out a network that is completely decentralized, reliable and above all public. Nascent as it is, the IoT space is promising and under explored.
By building a necessary foundation, the cogs that will allow full exploitation as end users realize the benefits of a data economy, IOTA investors stand to reap extraordinary benefits. Presently, the coin may be illiquid and available at one exchange in Bitfinex.
However, the more it becomes widespread and strike partnerships, the more users demand for more investment channels. Coordicide is a solution that will eliminate the Coordinator. By doing so, the network will not only be attractive, adhering by the blockchain principles of decentralization, but successful implementation will demonstrate just how effective and secure the network is.
Coordinator not only functions as a glue, keeping the network together but it also confirms transactions as the number of nodes concurrently increase, fortifying the network organically. Further complementing Coordinator is Azimuth.
Specifically designed to prevent dreaded spam attacks, Azimuth is a new and improved Proof-of-Work consensus algorithm that depends entirely on Auto-peering. This way, transactions can be received from any neighboring nodes meaning there is conservation of expensive computational power.
Additionally, and made possible by auto-peering, smaller IoT devices will join the network without expending much of this scarce but required power. This conservation and entire replacement of computational power is possible because IOTA will automatically replace computational power with direction.
IOTA/USD Price Analysis
1 MIOTA/USD =$2.0755 change ~ 4.62%
Steady in the last day and ranging in the previous week, IOTA bulls are still in the driving seat. The digital asset may be down the leader board but overly, and following June’s draw down, the retest is complete.
By retesting Q1 2019 peaks and rejecting further liquidation, bulls are in prime position to print higher in the course of the week. Note that IOTA is generally trading in a bullish breakout pattern against the USD thanks to mid-May 2019 explosion above Q1 2019 high of 40 cents.
Therefore, the failure of bears to press lower throughout last week and over the weekend is massive for bulls. Ideally, what is required is a complete rewinding of June 27 losses. Behind the recovery, it would be perfect for bulls to build up enough momentum, propelled by high trading volumes exceeding 17 million of June 26.
If that happens and losses of June 27 are reversed, odds are IOTA prices will surge past 55 cents towards 90 cents in a recovery that will see it’s market cap increase, even breaking into the top-10.
Presently, risk-averse traders can buy the dips while aiming at 55 cents aware that losses below 40 cents could see IOTA falter, dropping to 25 cents or May 2019 low.
Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.