The IOTA/BTC pair is up after bulls reinitiated demand on the IOTA token following the completion of the Chrysalis upgrade. This upgrade has primed IOTA to become an enterprise-driven ecosystem with real-world use cases. Possibilities enabled by this upgrade include the development of libraries, security protocols and wallets.
This upgrade, announced by the IOTA Foundation a short while ago, precedes the Coordicide upgrade that is scheduled for December 2021. The Chrysalis upgrade is due for launch at the end of April. The news has excited traders on the IOTA/BTC pair, enabling them to take advantage of potential bullishness on the IOTA token while price action on Bitcoin remains subdued.
The IOTA/BTC pair is up 3.65% on the day.
Technical Outlook for IOTA
The IOTA/BTC pair has resumed the upside movement, after completing a double bottom on the 4-hour chart.
Price appears headed for the potential neckline at 4309 satoshis, with additional resistance barriers at 4448, 4795 and 4976 satoshis. These levels correspond to the 88.6%, 100% and 127.2% Fibonacci extension levels from the 10 April swing low, 16 April swing high, and 18 April retest low. We could see the IOTA/BTC pair extend towards 5237 satoshis if the double bottom is confirmed and the measured move kicks in.
On the other hand, a decline from the present levels (4045 satoshis) could retest the 3569 satoshis price level (20 April bottom). A further decline targets 3059 satoshis, with 2495 satoshis forming an additional downside pivot.