The IOTA price is defying gravity even as other cryptocurrencies are in the red. The token has jumped by more than 10% in the past 24 hours, making it the best performing digital currency. Other currencies like Bitcoin, Ethereum, and Cardano have declined by more than 6%.
What is IOTA? IOTA is a blockchain company that focuses on the Internet of Things (IoT), which is a fast-growing industry that helps machines communicate with the internet. It uses the Tangle network that helps to record the exchange of data and value. The IOTA token is the native currency that is used in the platform.
In the past few months, the IOTA price has been in a strong upward trend. It has risen by about 2,200% from its lowest level last year. 373% of these gains have happened this year.
Why IOTA is rising: The price is rising after the company released the smart contracts protocol ahead of its Coordicide rollout. In a statement yesterday, the Iota foundation said that it was accelerating the updates to the Tangle network that will make it easier for developers to build on the network. A spokesperson said:
“The vision of ISCP is to run in production on the fully decentralized IOTA protocol without a Coordinator. That is what we are building for with GoShimmer and we are very confident that we will be able to achieve that this year.”
In the past, we see the price of digital currencies rally before a major upgrade. This explains why the price is rallying today.
IOTA price prediction
The IOTA price has been in a narrow range recently. In fact, it was forming an ascending triangle pattern that is shown in red. It has also moved slightly above the 15-period and 25-period moving averages. Also, the price is 16% below the all-time high of $1.5990.
Therefore, I suspect that the price will continue rising as bulls target this price. Still, bulls will need to defend the important resistance at 1.500 first. However, a decline below 1.2700, which is the previous top of the triangle will invalidate this trend.
Iota price chart