The bulls seem to continue to determine the crypto market at the moment. At the time of publication, the Bitcoin price has climbed in the top to around $ 44,650. That’s the highest level since May of this year, when BTC experienced its sharp correction from highs at $ 65,000 to below $ 30,000.
However, many investors of altcoins can still look forward to significantly higher price gains than the market leader. A particularly strong uptrend is currently shown by the Ethereum price, such as kryptoszene.de reported yesterday. Meanwhile, ETH / USD has also recaptured the $ 3,000 mark, recording growth of more than 25 percent in one week.
MIOTA / USD nears 1 dollar mark
Double-digit price gains can also be observed with many other altcoins for the past seven days. Just past it scrapes however IOTA. However, investors of MIOTA / USD can still look forward to an increase of more than 9 percent within a trading week, which still trumps the Bitcoin price.
Currently, the MIOTA/USD rate is trading at just over $ 0.9, approaching the psychologically important $ 1 mark again. Nevertheless, the conclusion on the overall development of the IOTA course is rather restrained compared to the top altcoins.
With a market capitalization of a good 2.5 billion dollars, the altcoin has fallen back to a rather disappointing 48th place in the ranking of the most valuable cryptocurrencies and even has to fear falling out of the top 50 in the near future. This is because many altcoins, such as those from the decentralized finance sector, are showing significantly stronger performance and may soon overtake the market value of IOTA.
MIOTA: First from the top 20 and now also from the top 50?
For a long time, the IOTA project was regarded as particularly innovative with a lot of future potential and was also very popular among investors. Accordingly, the MIOTA / USD price has benefited in the past from significant increases in value and a firm bank in the top 20 cryptocurrencies in the world.
But the tide seems to have turned and other, new projects seem to be attracting attention and IOTA is running out of steam.
So should IOTA buyers reconsider their investment and better bet on other altcoins? Or is a significant increase for the IOTA course to be expected soon. A look at the state of technology and technical analysis of the MIOTA/USD rate can provide valuable clues to these questions.
Long-awaited IOTA 2.0 is further delayed
Long awaited by investors was the launch of an IOTA 2.0, which should provide IOTA decentralization by abolishing the central coordinator in Tanglenet. This should finally make the blockchain independent and not influenceable. Many other leading blockchain applications in the crypto space have long implemented this decentralization without a central coordinator.
If IOTA succeeds in this important technological upgrade, the blockchain could open up to new application scenarios, such as in the boom sector decentralized finance, similar to what is practiced with the Ethereum blockchain, on which many DeFi projects are based.
This would demonstrate IOTA’s future viability and prove what users will certainly benefit from, but which could also boost the attractiveness of the project among investors. This could also give a strong boost to the MIOTA/USD rate.
Because every important technological development of a cryptocurrency is usually appreciated by investors with a jump in price, as is currently shown by the Ethereum trend around the London upgrade.
But the technological one is likely to remain in place for the time being. Originally, the schedule was that there should be a rollout of IOTA 2.0 aka Coordicide in 2021. But this plan has now been overturned. This was officially announced by William Sanders, head of the research department at IOTA.
Nano Hardware Wallet is finally supported
There is more encouraging news for investors of IOTA in other respects. For example, the IOTA Foundation has now announced the release of Firefly 1.2.0, which introduces support for the Ledger Nano Hardware Wallet.
With this, it is now possible for Ledger users to migrate their funds to the new Chrysalis network. Firefly is currently available for Mac, Windows and Linux and can already be downloaded here.
Most recently, many users had complained that they cannot access their IOTA balance when they store their tokens on Ledger hardware wallets. This problem was only solved with a three-month delay, which also does not shed the best light on the development work at IOTA.
The bottom line is that investors are unlikely to be satisfied with the technological advancement of IOTA. But is there still hope for a significant increase in price development?
MIOTA price rises 50 percent in 3 weeks
After all, the price development of IOTA has been positive for the past few weeks. From lows of $ 0.59 in July, the price has increased to more than $ 0.9. After all, this is a considerable growth of more than 50 percent within a short period of time. However, IOTA has joined the overall market, which has recorded a strong upward trend overall. Therefore, the positive trend should not be overstated, since the growth of IOTA does not stand out particularly in comparison with the market as a whole.
Technical analysis shows on the 1-hour chart that IOTA is moving up in a so-called rising wedge. This chart pattern is basically considered bearish, so a break down is much more likely than a break up. Currently, IOTA is struggling to keep the support line. In the top of the rising wedge, IOTA could reach around a $ 1 level before price will exit the pattern. The pattern’s bearish price target is at the starting point of the rising wedge and thus back in the $ 0.59 range.
Those who want to trade IOTA should therefore be a bit cautious at the moment, at least as far as a bullish long trade is concerned. A short trade, on the other hand, could be lucrative if MIOTA/USD is unable to hold the support line and makes a correction based on technical probability.
Analysts consider rates of $ 8 possible
But what about the larger timeframe for the IOTA course? What prices can investors expect this year and in the future?
On the daily chart, it can be seen that the IOTA price has moved very significantly away from its annual best value of $ 2.73 in May 2021. The minus is almost 80 percent, which is quite significant and about significantly higher than the Bitcoin price, which slipped about 60 percent.
Nevertheless, the future prospects of analysts are bullish about the IOTA price. Coin Price Forecast, for example, expects the altcoin to rise again to $ 1.27 by the end of the year. In the next few years, it is expected to grow steadily to almost $ 8 in 2033, which would be an incredible growth of almost 800 percent.
Wallet Investor analysts are also confident, expecting price increases of 340 percent by 2026. And Digital Coin Price is issuing price targets of more than $ 4 for MIOTA/USD by 2028.