IOTA/USD Surges 131% This Week As New IOTA Oracle Takes Off

Summary:

IOTA posts a 131% increase this week as its new oracle which facilitates offline verification of offchain data kicks off.

IOTA/USD has extended its gains for the 4th straight day, raking in gains of 138% this week. Investor interest in IOTA is as a result of the bullish wave that most cryptocurrencies are riding, but also because the IOHK Foundation has implemented a new protocol that allows off-chain verification of data via its own decentralized oracle.

This move will allow decentralized applications built on the IOTA network to receive data that can be verified off-chain. The implementation of this protocol now puts IOTA almost at par with Chainlink, which is regarded widely as the leader in this market segment.

IOTA/USD currently trades at 1.25748755 as of the time of writing.

Technical Levels to Watch

Today’s surge in IOTA/USD found resistance at the 26 March 2018 high. Price is now in retracement as it seeks to retest the resistance-turned-support at 1.21648553 mark. If the retracement extends below this level, we can expect to see the price targeting 0.89052984 (lows of 2 April and 18 June). Below this area, we can expect to see additional support at 0.76805850 (27 November 2017 and 18 July 2018 lows).

On the flip side, the price needs to break above today’s high of 1.32901786 to test new highs at 1.46494255. Previous lows at 26 February 2018 and 14 May 2018 also form an additional target to the north, at 1.67353370.