The IOTA price displayed strength on Thursday, trading above key support levels as the community’s excitement around the project’s mainnet upgrade continues to grow.
On Sept. 12, the IOAT Foundation announced the upgrade of the IOTA Mainnet Coordinator to a decentralized and permissioned Validator Committee. The upgrade announcement was shared on its official X account, adding to one of the moves by the distributed ledger protocol to advance its network’s overall functionality and usability in recent times.
IOTA Mainnet Upgrade! With the upcoming #Stardust upgrade on #IOTA, the coordinator will be replaced by a Validator Committee. The committee was rigorously tested on @shimmernet & will be deployed on the mainnet as an interim improvement until #Coordicide. https://t.co/B5HQJBdOMw pic.twitter.com/AYW3tq1OGX
— IOTA (@iota) September 12, 2023
An excerpt from the announcement read:
“IOTA Mainnet Coordinator will be upgraded to a decentralized, permissioned Validator Committee, consisting of multiple trusted validators that run on different host providers and locations.”
This is expected to “increase network uptime and stability but also censorship resistance by having external entities be part of the Validator Committee,” the blockchain company said.
The upgrade is christened Stardust as it is designed to stir several foundational changes on IOTA, which include eliminating reliance on a single entity and improving network uptime while addressing existing vulnerabilities.
To guarantee the proper deployment and functionality of the Validator Committee, the IOTA protocol confirmed that it had deployed and tested the new protocol on the ShimmerNet before this announcement.
“With the Validator Committee in place, the network will continue to process transactions as long as 7 (at a committee size of 10) / over two-thirds of all validators are active”, the crypto firm explained, adding, “Note that because there is no leader within the committee, the network can progress even if the IOTA Foundation’s validator node is offline.”
The company also said forming a Validator Committee was an intermediate step toward increasing “the networks’ resilience and decentralizing the network further until full decentralization with IOTA 2.0 is established.”
This marks a new dawn for IOTA as it fights to enhance its market share in the Web3.0 space that is dominated by big players such as Ethereum (ETH), Solana (SOL), BNB Chain, and Cardano (ADA), among others.
With this upgrade, the opportunities apparent in the IOAT ecosystem have triggered investor interest in its native token MIOTA, which has rallied more than 10% over the last two days. At the time of writing, MIOTA was the fourth biggest gainer of the day after rallying 7% in the last 24 hours.
IOTA Bulls Eye Return to $0.2
MIOTA price hovered around $0.168 and had formed a V-shaped recovery chart pattern on the four-hour chart. The price faced immediate resistance from the supply region between the SuperTrend indicator’s red line at $0.1687 and the 50-four-hour Simple Moving Average (SMA) at $0.170.
Flipping this into a demand zone would trigger massive buy orders from the IOTA community, pushing the Internet of Things (IoT) token first toward the $0.180 psychological level and later to the V-shaped pattern’s neckline at $0.186.
Rising above this level would mean an escape from the bullish chart pattern. Such a move would open the path for the MIOTA price to collect the supply-side liquidity to reach the $0.20 psychological level. These are levels last seen in June and would bring the total gains to 19%.
MIOTA/USD Four-hour Chart
Apart from the bullish chart formation, several technical indicators support the optimistic outlook for MIOTA. First, the Relative Strength Index (RSI) is positioned just above the middle line at 52. This suggested that the market conditions slightly favored the upside.
In addition, the SuperTrend indicator had just sent a call to buy IOTA on the four-hour chart. This occurred during the late New York trading session on Sept. 13 when this trend-following indicator changed from red to green and moved below the price. This indicated that the market sentiments have turned bullish.
On the downside, MIOTA investors could give in to the urge to sell on the latest rally to the 50 SMA, initiating a trend reversal. The token could then turn down from the current level, revisiting the 100 SMA and the 200 SMA at $0.1660 and $0.159, respectively, before tagging the V-shaped pattern’s low at $0.155.
MIOTA is not the only crypto with prospects to bring good returns in 2023 as upgrades and developments on the network take shape. Investors could look into other projects with the potential to make 10X returns soon. One such crypto is Wall Street Memes (WSM), which is performing well in presale.
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