IOT/USD market overview: IOTA marches towards decentralization with Coordicide solution
|- Coordicide will remove the Coordinator from IOTA’s system.
- IOT/USD jumped up by 11.4% following the news.
IOTA announced that they are going to execute their groundbreaking Coordicide solution to achieve true decentralization. Before the announcement, IOTA used a Coordinator within their system to maintain network security. The Coordinator was initially designed to prevent double-spends and provide transaction finality.
The Coordicide solution will remove the Coordinator and address the following three issues:
- High transaction costs.
- Scalability challenges.
- The tendency towards centralization.
David Sønstebø, the co-founder of the IOTA Foundation, said about the solution:
“We have been working towards the removal of the Coordinator since IOTA’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition.”
IOT/USD daily chart
- Following the news, IOT/USD bulls took hold of the market and pushed the price up from $0.438 to $0.488, charting an 11.4% increase in price.
- The spike took the price above the 20-day Bollinger band and the bears have taken over in the early hours of Wednesday to keep the price in check. IOT/USD is currently priced at $0.48.
- The signal line has diverged from the moving average convergence/divergence line to show increased bullish momentum.
- The Elliot oscillator has had three bullish sessions in a row with increasing intensity.
- The relative strength index (RSI) indicator has crept to the edge of the overbought zone.
- The nearest support level lies at $0.469 and the closest resistance level is at $0.478.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.