IOTA, the crypto-currency that aims to revolutionize the Internet of Things sector, had its heyday in 2017, when it scored a historic high of US$5.69, according to CoinMarketCap. Then, in March of this year, it scored a low of US$0.07.
At the time of writing, IOTA is trading around US$0.39, passing its short and medium term trend to the upside.
In the chart below you can clearly see how IOTA, since its March low, has been steadily rising. Will it maintain this trend for the rest of 2020?
The latest updates in the IOTA 2.0 network
What makes IOTA different?
IOTA was launched to the public in 2016, as an effort of the IOTA Foundation. It is a non-profit organization, based in Germany, dedicated to developing technologies and promoting their adoption.
When launching its crypto currency, IOTA decided to base it on its own Blockchain platform, but with a different operating protocol. This is how Tangle was born, a network whose design allows for no fees when using it, lower network latency, and better scalability prospects.
The main objective of crypto-currency is to serve for the storage and exchange of data related to the Internet of Things.
In the short term the trend is strongly bullish, with a strong resistance at the US$ 0.40 level. The next target is at US$ 0.56, the highest level recorded in 2019.
IOTA is undoubtedly a "risk" bet, as if it fails to break the immediate resistance at US$ 0.40, the bears may take control of the situation. Conversely, if the bulls win the arm wrestling match, the value can go very high, at least up to US$1.
If we look at its historical graph, we can see that the value of the token would just be taking off.
The information to take into account
According to a June 30th release, the Blockchain project has entered the first phase for its latest updates to the IOTA 2.0 network.
Much of its future will depend on how IOTA 2.0. evolves, which is intended to function as a truly decentralized network by 2021.