IOTA cryptocurrency technology on dark background

The IOTA price is rising today as investors watch the launch of the Nectar upgrade. IOTA rose to $1.2100, which was 65% above the lowest level in May. It has a market capitalization of more than $3.3 billion and is the 35th biggest cryptocurrency platform in the world. 

Nectar upgrade

IOTA is a blockchain project that is involved in the Internet of Things (IoT) industry. The platform helps developers in the mobility, smart cities, and global trade sectors build decentralized applications. The network is highly scalable, meaning that it can handle thousands of transactions per second, uses low resources, and allows fast transactions. Also, its transfer fees are substantially lower than those of other blockchain projects.

In a statement today, The IOTA Foundation announced the release of the IOTA 2.0 Development Network, known as Nectar. Nectar is a research prototype for the decentralized, feeless, permissionless, and secure Tangle protocol. In a statement, the developers said:

“As opposed to Proof-of-Stake or Proof-of-Work solutions that require considerable monetary and computational resources, the IOTA 2.0 DevNet relies on network consensus validation and rewards honest nodes with “Mana,” an alternate token that nodes can temporarily acquire through good and honest behavior.”

Some of the key features for the IOTA’s Nectar upgrade are significant feeless decentralization, improved security, fast execution, and digital assets. This means that developers can now create smart contracts products like non-fungible tokens (NFT) and other utility tokens. 

The IOTA price has also tilted higher as part of the overall cryptocurrency rally. Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have all jumped in the past 24 hours although they all remain significantly below their highest levels in May. IOTA is itself about 55% below its all-time high.

IOTA price prediction

The daily chart shows that the IOTA price has been under intense pressure in the past few weeks. It has also been in a consolidation mode in the past few days. However, a closer look at the chart shows that things are not well for the coin’s bulls. For one, the 25-day ad 50-day moving averages have made a bearish crossover. Also, the currency seems to be forming a bearish pennant pattern that is shown in red. It has also formed a head and shoulders pattern.

Therefore, in my view, while future moves will be dictated by Bitcoin prices, I can’t rule out a major decline in the next few trading sessions. If this happens, the next psychological level to watch is $0.5, which is about 58% below the current level. 

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