The IOTA price rocketed higher as demand for the Internet of Things (IoT) cryptocurrency jumped. The coin rose to $1.7462, which was the highest level since May 19. This rally brought the total market capitalization of IOTA to more than $3.6 billion.
What is IOTA and how does it work?
IOTA is a blockchain project that was developed in 2018. It is a relatively different project from other popular platforms like Ethereum and Polkadot. For one, it is a platform that aims to help solve problems in the Internet of Things (IoT) industry.
IOTA achieves this through the tangle, which is a directed acyclic graph (DAG) that stores transactions. The tangle technology works in a different way than how blockchain works. Transactions within te network are issued by nodes that make up the tangle graph. In this case, when a transaction arrives, it must always approve the previous two transactions.
In the past few years, IOTA has achieved several partnerships. Indeed, some of the top level companies using this network are Dell Technologies, Jaguar Landrover, TradeMark East Africa, Zebra, and Ensuresec. Indeed, recently, we wrote about the deal between IOTA and TradeMark that will help streamline business within the East African Community.
IOTA price prediction
The daily chart shows that the IOTA price declined substantially in July, reaching a multi-month low of $0.5675. Since then, the coin formed an inverted head and shoulders pattern, which is usually a bullish sign.
The upward momentum of IOTA gained steam in the overnight session as it rose above the 25-day and 50-day moving averages. The two lines of the MACD have also been in a strong bullish trend.
Therefore, the coin will likely keep rising as investors target the key resistance level at $2.7284. This is a notable price that is its all-time high and is about 60% above the current level.