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IOTA (MIOTA) makes a slight rebound, attempts to move past $1.20

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on Dec 17, 2021
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  • MIOTA has made an attempt to rebound past $1.20.
  • The MIOTA gains come as the platform attempts to release the Hornet participation plugin.
  • MIOTA is one of the few gainers in the market.

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The cryptocurrency market has moved to new lows during the past day, and a slight attempt to recover has been futile. IOTA (MIOTA/USD) has managed to claim a unique position as one of the few gainers, with the coin attempting to make a slight rebound.

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MIOTA rebounds to $1.20

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During the past 24 hours, MIOTA has rebounded by around 3.4%, and it has reached a weekly high of $1.20. The altcoin has witnessed much volatility in recent weeks, and despite the vicissitudes, it has failed to register major lows like most of the market.

The recent uptrend comes after a notable recession this week that pushed the token to a weekly low of $1.01. $1.01 has formed as the lower boundary, and as long as MIOTA stays above this level, the likelihood for buyer support whenever the market attempts a rebound is high.

A price correction from the previous downtrends is likely, after which MIOTA could target $1.40. $1.40 has been a critical resistance, with MIOTA attempting to reclaim these levels severally during the previous weeks.

Despite the volatility, MIOTA has remained one of the most solid tokens in the market, as its monthly gains have not come close to what some tokens have experienced.

Hornet participation plugin released

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The attempted rebound for the MIOTA token comes as the platform released the new Hornet Participation plugin. This plugin will be enabled in the node software, after which participation events will be included in the node operator.

The plugin is a major development for the IOTA blockchain and its community. The participation events will be enabled either through a ballot or staking event. Ballots will be used to conduct decentralized votes by the IOTA token holders. The votes will be carried out using predefined questions and answers.

Alternatively, the staking events will be utilized to ensure there is a fair distribution for new projects and networks. Some of the new projects to be voted upon include Shimmer or Assembly networks.

Node operators on the network can use the plugin to include existing participation events or launch their own, verified through decentralization.

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