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IOTA teases Ethereum alignment as traders eye a bullish return

TL;DR

  • IOTA has teased an Ethereum alignment as it makes a resurgence in the crypto industry.
  • Enhancing protocol and the market appeal.

IOTA, a cryptocurrency that once captured significant attention in the market, is making a resurgence after a period of relative quiet during the pandemic. Dominik Schiener, IOTA’s co-founder, played a crucial role in bringing the project back into the spotlight during an Ask Me Anything (AMA) session. Schiener’s comments in the session confirmed the upcoming launch of the IOTA Ethereum Virtual Machine (EVM) and the introduction of IOTA’s new alpha version.

IOTA set to make a resurgence in the market

The revelation sparked a positive market response, with IOTA experiencing a 10% gain following Schiener’s intervention. He also advised the holders to stake their tokens on the IOTA EVM by the second quarter, potentially contributing to a buying frenzy among token enthusiasts. The Foundation’s recent release of the alpha version of iota-ore marked a significant milestone in refining protocol parameters and enhancing network usability. Hans Moog, a key developer at the foundation, shared the news of the upgrade on his social media account.

The alpha release addressed issues related to docker network integration, implementing measures to prevent future hacks through nightly tests, expedited error detection, and improved code management for the development team. The introduction of local snapshots for developers aims to reduce the need for continuous uploads and downloads, streamlining the development process. While the alpha release may not be packed with groundbreaking updates, Moog emphasized its importance, stating, “Nobody cares about an alpha for a testnet, but the community can maybe derive some knowledge about our progress from this release.”

Enhancing protocol and the market appeal

IOTA seems to be recovering from the challenges posed by bearish trends since December 2023. The recent positive developments helped the token rebound from its monthly minimum of $0.19 before the announcements. As of now, it has climbed to $0.24, experiencing a 12% spike after the correction. Today’s highest price reached $0.25, making it one of the highest-performing tokens in the last 24 hours, surpassed only by Chilliz (+13.66%). Analyzing more technical indicators like Exponential Moving Averages (EMAs), the Average Directional Index (ADX), and the Relative Strength Index (RSI), a bearish trend for it still appears likely.

However, the recent price spike or, at the very least, a pause in its descent, could potentially set the stage for a comeback. If the token turns bullish, Tradingview forecasts a possible target near $0.263. In a bearish scenario, the price could decline back to $0.23, with a monthly low of $0.195 identified as the next support level to watch. As with weather forecasts, cryptocurrency predictions are often speculative, and outcomes can deviate from projections. Nevertheless, the return of IOTA to the crypto community is undeniably significant.

IOTA’s resurgence, fueled by key announcements and positive market responses, showcases the cryptocurrency’s resilience after facing a bearish trend. The alpha release of iota-ore represents a strategic step in refining the protocol and improving network functionality. While challenges and uncertainties remain, the return of IOTA to the forefront of the crypto landscape is a noteworthy development that will be closely monitored by the community.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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