IOTA price rose to the highest level since August 26 even as other cryptocurrencies plunged and the fear and greed index retreated. The VIX index also rose to $32, which was the highest level since July while the US dollar index (DXY) rose to the highest level in decades.
Shimmer mainnet launch date
IOTA is one of the biggest blockchain projects in the world. Unlike other projects like Ethereum, Ripple, and Bitcoin, IOTA is not a blockchain. Instead, it is a tangle platform that seeks to change key industries like Internet of Things (IoT). However, unlike many leading projects, IOTA has struggled to go mainstream. Instead, it has been overtaken by newer projects like Solana and Avalanche.
IOTA price rose on Monday as investors focused on the network’s Shimmer project. Shimmer is a project that the developers hope will be the best smart contract platform for developers building decentralized projects. In July, the developers announced the start of the Shimmer Beta Network. And last week, Shimmer launched its testnet project ahead of the mainnet launch that is expected to happen later this week.
Shimmer has attracted a number of developers. Some of the top apps built using the technology are Accumulator, AuditOne, Amnesia Cash, and Camels DAO among others.
IOTA price prediction
The daily chart shows that the IOTA price crashed to a low of $0.2332 this year. Since then, the coin has struggled to move below that support. It has also moved slightly above the 25-day and 50-day moving averages while the MACD remains below the neutral point. The Relative Strength Index (RSI) has moved above the neutral point of 50.
Therefore, there is a likelihood that the coin will keep rising ahead of the upcoming Shimmer mainnet launch. If this happens, it will likely rise to the important resistance level at $0.3694, which is about 21% above the current level. A drop below the support at $0.27 will invalidate the bullish view.
