IOTA’s price has broken out short term which pushed the cryptocurrency to move to higher levels for now. However, the upward rally will not last long since there is another strong resistance meant to prevent upward movement. The MIOTA/USD price has increased by 3% within the last 24 hours. It was trading at $1.03 but is now trading at $1.08. The break out was from the descending trendline and it may give the cryptocurrency enough momentum to rise to $1.16 according to IOTA’s price analysis on FXStreet.
IOTA (MIOTA) Price Today / USD
On the daily chart, there is a resistance at $1.16 and another one at $1.19 that has taken form of a descending trendline. It may take some time to break. IOTA’s price may be increasing due to the hype surrounding Tangle.
IOTA Encourages People to Switch From Blockchain to Tangle
IOTA Tangle has been the talk of the cryptoverse for a while now. The IOTA Tangle is a new concept by the team that is aimed at providing a fast, mining free method of performing transactions that is also transaction free. All Tangle transactions are interrelated but there is no block concept like with the blockchain technology. The transactions will be verified by a PoW from the origin of the transaction.
The transactions will subsequently be linked to two other transactions. There will be no need for mining blocks and the transactions will be verified in parallel. This makes it capable of running more transactions at the same time.
The IOTA team uploaded a blog post on the official IOTA website encouraging users to switch from blockchain to Tangle for more efficient transactions. Some analysts believe that this, and other news about the company in the industry, may be responsible for the rise in price. However, the price is still unstable so it’s difficult to determine what is happening.