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IOTA Moves Closer to Total Decentralization

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  • Thomas Hughes
    📈 Price Predictions

    IOTA (MIOTA) has dropped almost 14% during the last 7 days against the US Dollar and is in a clear downtrend

IOTA Moves Closer to Total Decentralization
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The IOTA Foundation is preparing to completely remove the central node that currently exists to prevent double spending that can occur when the network doesn’t have enough hashing power to be naturally secure. The central node is named Coordinator, and its coming removal has been dubbed “Coordicide” by the Berlin-based IOTA Foundation.

Although the Coordinator is meant to secure IOTA’s network, in theory it can allow the Foundation to prioritize certain transactions or to freeze funds. Also, it is a single point of attack (if it’s taken over or it stops working, network confirmations would stop), and it has been a limiting factor for scalability. The planned removal will occur sometime in 2019 and is widely regarded as bullish.

Chart Analysis – IOTA/USD

IOTA/USD chart

Although IOTA (MIOTA) has dropped almost 14% during the last 7 days against the US dollar and is in a clear downtrend, it shows potential for a stronger correction to the upside.

Currently the pair is trading at 0.23 but has printed a higher low on the second attempt to break 0.20 and is testing the bearish trend line seen on the chart above.

If this barrier can be decisively broken, it’s likely to trigger a move above the 50 period Exponential Moving Average (red line) and into the next resistance at 0.25. A break of the latter would score a major victory for the bulls, opening the door for further upside.

Support zone: 0.20

Resistance zone: bearish trend line (still not completely broken at the time of writing) and 0.25

Most likely scenario: break of trend line, test of next resistance

Alternate scenario: false break of trend line followed by another attempt to break 0.20

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About the author

Thomas Hughes is an executive editor of U.Today. He is a skilled cryptocurrency trader and technical analyst deeply immersed into the cryptocurrency & blockchain technology area.

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Binance CEO Changpeng Zhao Denies Opening Office in Beijing

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  • Alex Dovbnya
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    No, Binance doesn't plan to open a Beijing office despite China warming up to crypto

Binance CEO Changpeng Zhao Denies Opening Office in Beijing
Cover image via yotube.com
Contents

During a recent Bloomberg interview, Binance CEO Changpeng Zhao said that the Malta-based exchange didn't have plans to open an office in Beijing. 

"We don't have an office in Beijing. That's a rumor. That's not true."    

When it comes to their strategy in China, CZ says that they will focus on research and development while helping "wherever they can."

"Our strategy is very simple. I think we want to follow the recommendations very closely and we want to promote the Blockchain technology research and development."    

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Binance's homecoming

On Oct. 31, Coindesk reported that Binance was opening a new office in the Chinese capital, citing two anonymous sources. However, Binance didn't confirm this information. 

This came after Binance launched peer-to-peer trading against the Chinese yuan (CNY) on Oct. 9, which signaled that the country might be finally ready for homecoming after leaving China after that crypto clampdown that took place in Sept. 2017.

Back in August 2019, Binance barred its citizens from using more than 100 foreign exchanges, including Binance. 

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Throwing weight behind blockchain

As reported by U.Today, Chinese President Xi Jinping endorsed blockchain, the technology behind the vast majority of cryptocurrencies, which sparked a major crypto rally. 

Following President Xi's comments, the People’s Daily, the mouthpiece of the Communist Party of China, called blockchain a "breaking point" while the country's military newspaper suggested that Chinese soldiers could be rewarded with crypto tokens. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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