The Return of IOTA: Schiener’s Comments Spark Market Flurry
IOTA, once a sensation in the crypto market, has resurfaced with a 10% gain today. The surge follows an Ask Me Anything (AMA) session where Dominik Schiener, IOTA’s cofounder, confirmed the upcoming launch of IOTA Ethereum Virtual Machine (EVM) and the release of IOTA’s new alpha version. Schiener also advised IOTA holders to stake their tokens on the IOTA EVM by Q2, which may have fueled buying among token farmers.
The Significance of the Alpha Release
Last week, the IOTA Foundation released the alpha version of iota-ore, a crucial step in refining protocol parameters and enhancing network usability. Hans Moog, a key developer at the foundation, highlighted the upgrade on social media. The alpha release addresses issues with docker network integration, enhances error detection through nightly tests, and streamlines code management for developers using local snapshots.
The Market Response
IOTA is recovering from a bearish trend that started in December 2023. After touching a monthly low at $0.19, the token saw a bounce following the recent announcements. It has since climbed to $0.24 and reached a high of $0.25—a 12% spike after correction. This makes IOTA one of the top-performing tokens alongside Chilliz (+13.66%) in the last 24 hours.
While indicators like Exponential Moving Averages (EMAs), Average Directional Index (ADX), and Relative Strength Index (RSI) still suggest a bearish trend for IOTA, the recent price spike or pause in descent could set the stage for a comeback. If the token turns bullish, Tradingview predicts a possible target near $0.263. On the other hand, in a bearish scenario, the price could fall back to $0.23 with the next support at $0.195.
Despite the uncertainty of predictions, IOTA’s return to the crypto community is significant.
Hot Take: IOTA’s Reemergence Signals Potential Growth
IOTA’s recent surge and Dominik Schiener’s comments during the AMA session have brought the project back into focus. With the upcoming launch of IOTA Ethereum Virtual Machine (EVM) and the release of the new alpha version, there is renewed interest in IOTA among investors and developers. Although indicators still suggest a bearish trend for now, the recent price spike indicates potential for a turnaround. As IOTA continues to make strides in refining its protocol parameters and enhancing network usability, it remains a project to watch in the crypto space.
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