IOTA price turns negative after printing a 1-year high

IOTA price turns negative after printing a 1-year high
Written by:
Michael Harris
11th August, 14:44
  • The IOTA Foundation is about to roll out the first phase of its IOTA 1.5 upgrade, Chrysalis, later next week
  • Chrysalis will enable the network to process 1,000 transactions per second
  • IOTA price peaked above $0.42 today as it rotated lower to trade in the red on the day

IOTA (MIOTA/USD) price has turned negative after screaming higher to log a 13-month high above $0.42. In the meantime, the IOTA Foundation is about to roll out the first phase of its IOTA 1.5 upgrade, Chrysalis, later next week. 

Fundamental analysis: Big week ahead

The Foundation will unveil the first phase of 1.5 upgrade, called Chyrsallis, later this week. It will enable the network to process 1,000 transactions per second as well as institute 10-second confirmation times. 

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Around two months ago, IOTA launched an upgrade for its node software, Hornet. The release served as a foundation for the launch of IOTA 1.5 after running a stress test which showed positive results. The test showed that the 150-node network is stable and used up 10 times less memory than the previous version of the software. 

A decentralized social media group known as Society2 started working on an IOTA-based DeSM framework in May. The idea was to create a new standard in privacy, control, and compatibility among social media networks.

“SOCIETY2’s framework is very different from existing social networks. An owner of an IOTA node can run a social media site or app as easily as downloading an open-source template from a menu, customizing it or not.” 

Elsewhere, another group in Spain published an IOTA-powered platform to help fight the coronavirus. The platform allows a user to enter his Personal Health Record (PHR) — age, gender, and coronavirus symptoms, and the app will learn the user’s approximate location. 

Entered info is anonymously saved in the IOTA tangle and based on that data. The app creates heat maps that visualize the spread of COVID-19 and contagion hotspots.

Last week, Invezz reported that IOTA Foundation released Stronghold, a software library for the secure handling of digital secrets.

Technical analysis: Volatile price action

IOTA price has been on a roll recently, trading in a continuous uptrend in the past 2 weeks. The rally peaked today after the price action printed levels above $0.42, for the first time since June 2019. The previous high was set in February above $0.38.

IOTA price daily chart (TradingView)

It looks like the buyers have grown tired as the price has turned negative today despite a new 13-month high posted in the morning. As it stands now, the price action is building a bearish reversal chart pattern that may help drag the price lower. The intraweekly support is located at $0.33 for traders looking to invest in IOTA. 

Summary

IOTA price has peaked today as the price action turned into the red after logging a 1-year high above $0.42. The Foundation plans to release the first phase of Chrysallis, known as IOTA 1.5, which will allow the network to handle 1,000 transactions per second.

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