Coin of the day is IOTA
Coming back to IOTA, which did not manage to break resistance last time renewed January lows, and now showing hints of turnaround.
To recap what is IOTA:
David Sonstebo, co-founder of cryptocurrency, states that it was developed to enable the “paradigm shift” to the Internet of Things by establishing a “de facto standardized “Ledger of Everything.”
“Simply put, this is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. This also applies to components of machines, for example, a jet engine of an airplane or the drill of an oil rig. “ – written in Forbs article.
So, the main goal of IOTA is to enable data exchange between sensor-equipped machines that populate the Internet of Things.
In Aug 2017 IOTA team was accused in the team was accused of writing a low-quality encryption algorithm. A team at MIT published an article detailing their investigation into IOTA. The IOTA team developed their own cryptographic hash function which was discovered to have vulnerabilities involving different inputs hashing to the same output, which should never happen.
Neha Narula, director of MIT’s Digital Cryptocurrency Initiative, wrote:
“Once we developed our attack, we could find collisions using commodity hardware within just a few minutes, and forge signatures on IOTA payments,”
IOTA later rectified the problem, and it did not affect the further growth accompanied by a strong marketing campaign.
Technicals
After 14.06 growth impulse (listing on BitPanda), the pair did not manage to break above the Bearish Trend Line and went downwards, breaking the Bullish Trend Line and leaving the correction pattern zone. On the 0.00017 level, the coin started to show signs of turnaround pattern, breaking the Bearish Trend Line and staying above the 0.00017 level for the three days. 0.00013 – 0.00017 is a March turnaround zone, where the latest uptrend had begun, hence it might have some psychological value for traders and bring IOTA back in the growth pattern. The overall situation converges to one key point: if IOTA will manage to rebound in the 0.00013 – 0.00017 zone – there is a chance to continue growing, otherwise, dive below the 0.00013 level could kill all the bullish patterns of the chart and send the price into depression.
Coming back to IOTA, which did not manage to break resistance last time renewed January lows, and now showing hints of turnaround.
To recap what is IOTA:
David Sonstebo, co-founder of cryptocurrency, states that it was developed to enable the “paradigm shift” to the Internet of Things by establishing a “de facto standardized “Ledger of Everything.”
“Simply put, this is the concept of basically connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from cellphones, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of. This also applies to components of machines, for example, a jet engine of an airplane or the drill of an oil rig. “ – written in Forbs article.
So, the main goal of IOTA is to enable data exchange between sensor-equipped machines that populate the Internet of Things.
In Aug 2017 IOTA team was accused in the team was accused of writing a low-quality encryption algorithm. A team at MIT published an article detailing their investigation into IOTA. The IOTA team developed their own cryptographic hash function which was discovered to have vulnerabilities involving different inputs hashing to the same output, which should never happen.
Neha Narula, director of MIT’s Digital Cryptocurrency Initiative, wrote:
“Once we developed our attack, we could find collisions using commodity hardware within just a few minutes, and forge signatures on IOTA payments,”
IOTA later rectified the problem, and it did not affect the further growth accompanied by a strong marketing campaign.
Technicals
After 14.06 growth impulse (listing on BitPanda), the pair did not manage to break above the Bearish Trend Line and went downwards, breaking the Bullish Trend Line and leaving the correction pattern zone. On the 0.00017 level, the coin started to show signs of turnaround pattern, breaking the Bearish Trend Line and staying above the 0.00017 level for the three days. 0.00013 – 0.00017 is a March turnaround zone, where the latest uptrend had begun, hence it might have some psychological value for traders and bring IOTA back in the growth pattern. The overall situation converges to one key point: if IOTA will manage to rebound in the 0.00013 – 0.00017 zone – there is a chance to continue growing, otherwise, dive below the 0.00013 level could kill all the bullish patterns of the chart and send the price into depression.
