IOTA announces Azimuth, IOT/USD stays rangebound
|- IOTA is locked in a tight range on Tuesday.
- The local resistance is created by $0.46 handle.
IOTA is changing hands at $0.4531, with nearly 2% of gains in recent 24 hours. The 17th largest coin with the current market capitalization of $1.2 billion came close to $0.4800 on the weekend but failed to hold the ground. IOTA' average trading volume is registered at $21 million, in line with a long-term average figure. IOTA is most actively traded on Bitfinex against BTC and USDT.
What's going on
IOTA has introduced Azimuth, a new protocol, also known as NB-PoW. It is a spam-protection mechanism that allows nodes accepting transactions from neighboring nodes. Basically, this concept will enable low-performance devices to join the network and bring us closer to IOTA's vision of the machine-to-machine economy.
"IOTA Introduces Azimuth (previously known as NB-PoW): A different approach to proof of work that we are working on as part of our long-term vision for IOTA," IOTA Foundation announced in its official Twitter account.
IOTA's technical picture
Looking technically, on the intraday level, IOTA is sandwiched between $0.45 (Simple Moving Average, SMA100 and the lower boundary of Bollinger Band on 1-hour chart) and $0.46 (SMA50 and the upper boundary of Bollinger Band). A sustainable move in either direction will define the short-term momentum for the coin.
The next resistance is created by $0.4770 (the upper boundary of Bollinger Band on 4-hour chart), while strong support awaits us on approach to $0.4430 (SMA200 1-hour and SMA50 4-hour).
IOT/USD, 1-hour chart
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.