IOTA price testing key resistance as the Foundation introduces Stronghold

IOTA price testing key resistance as the Foundation introduces Stronghold
Written by:
Michael Harris
4th August, 14:51
  • The IOTA Foundation unveiled Stronghold - a collection of multi-purpose libraries
  • Last month, IOTA price broke above the descending trend line on a weekly chart
  • A weekly close above $0.30 would open the door for a move to 2020 high above $0.3800

IOTA (MIOTA) price is currently testing key resistance on the weekly chart as the buyers work to set up a base for the long-term uptrend. Separately, the IOTA Foundation released Stronghold, a software library for the secure handling of digital secrets.

Fundamental analysis: Stronghold unveiled

The IOTA Foundation published Stronghold, a collection of multi-purpose libraries that allows secure management of passwords, access codes, and private keys, making one more important step towards the adoption of IOTA. 

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The secure handling of passwords, vehicle access codes and wallet seeds is one of the foundation’s key priorities, said Daniel Thompson-Yvetot, a senior architect in the IOTA engineering team. 

To achieve this priority, the foundation has created Stronghold to “strengthen the working environment for developers, enhance the security of applications, and give everyone better options for securely storing and safely using high-value digital secrets”. 

It is a software implementation developed to isolate digital secrets from hackers and data breach. Stronghold utilizes versioned, file-based and double-encrypted snapshots that are secure to back up and transfer across devices. Its key role is to isolate the operation of the “privileged” functions from other softwares, added Thompson-Yvetot.

“For example, a primary goal is to create a software enclave where private keys are used to sign messages without revealing those keys to other functions. In the near future, we expect to move the Stronghold stack to Trusted Execution Environments (TEE) and integrate it into custom hardware.”

Its special feature is that its library is completely independent of the IOTA digital currency at a low level, and that’s why it can be used separately from the high-level libraries, allowing all industries to use it. 

Stronghold is a part of the upcoming Chrysalis wallet’s first phase but will be implemented into the IOTA Identity solution and used by exchanges in the second phase.

The first step is to use Stronghold to secure Chrysalis.

“The very first internal test of Stronghold will be in its integration with the forthcoming official wallet built for Chrysalis. It will be the storage mechanism for securing seeds and personally identifiable information.”

Technical analysis: Buyers consolidation gains

IOTA price has continued its ascendance to open this month higher after adding around 15% to its value in the last two weeks. These gains were made after IOTA broke above strong resistance in the context of the descending trend line on a weekly chart. 

IOTA price weekly chart (TradingView)

The bulls are now working to establish a close above $0.29, an area which hosts the 100-period moving average on the weekly chart. Although the IOTA price traded comfortably above this level last week, it failed to close above it. 

Therefore, a close above the 100-WMA would pave the way for a more aggressive IOTA buying as the bulls aim to set a new 2020 high above $0.3850.

Summary

The IOTA Foundation introduced Stronghold, a software library for the secure management of digital secrets including passwords, wallet seeds, access codes, and more. Technically, the buyers are working to force a weekly close above $0.30.

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