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- 1 The Shimmer EVM testnet of IOTA has been seeing a surge in the smart contracts
- 2 IOTA is currently observing a consolidation trend in price. It has seen a surge of 2.5% in the intraday session.
IOTA has emerged as a pioneer to reshape the way the Internet of Things work. They use Tangle technology which offers feeless microtransactions and scalable microtransactions. IOTA employs DAG structure which eliminates the need of miners and transaction fees. The security of IOTA utilizes a mechanism called Coordinator to ensure the security and integrity of transactions.It is designed to be highly scalable which makes it fit for the IoT ecosystem. One of the biggest news for IOTA currently is that the developers are working on EVM for the shimmer network, The shimmer network of IOTA has seen a surge in transactions and has reached 6 Million. There are over 5000 smart contracts on the network and over 64000 active addresses. They also aim to provide staking and yielding farming for the IOTA holders. IOTA ecosystem is also aiming to incentivize energy savings. IOTA is currently observing a rise in adoption and can see more users on the platform.
MIOTA is currently ranked 83rd and has a market cap of $501,459,337. The social engagement of assets is observing a decline. The volume of the asset price has seen a slight surge in the intraday session.
Is IOTA Price Ready For The Bull Run?
The weekly technical chart of IOTA suggests a very weak bullish pattern in asset price. On the daily chart, it is trading near the value of $0.18 with a small gain in the intraday session. It is currently seeing a consolidated trend in price but can observe a breakout in the future. The upside momentum of IOTA can observe a halt near the value of $0.2.Meanwhile, the support of the asset price can be seen near the value of $0.16.
IOTA price is currently trading below the 50 and 100 Daily Moving Average. There can be a negative crossover in the future which can push the asset price to a new low in the future.
The RSI of IOTA is near 35 suggesting its presence in the oversold zone. There is a weak upside slope in the indicator which suggests a weak bullish momentum.
Summary
IOTA shimmer EVM testnet is observing a surge in transactions and a rise in smart contracts. IOTA’s price is currently in consolidated mode and can see a new high in the future.
Technical Levels
Major Support:$0.16
Major Resistance:$0.2
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
