As many altcoins mirror the downward path taken by the leading digital currency Bitcoin (BTC) these past few days, a few have been making an upward push of their own.
IOTA, dubbed as the 23rd biggest cryptocurrency with a market cap of more than $6.7 billion, has risen almost 11% in the past 24 hours, based on price monitoring by CoinMarketCap. With it, the crypto asset became an exception to the downward trend of the majority of cryptocurrencies when Bitcoin plunged to $51,000.
At the time, IOTA has maintained its bullish momentum and actually had a higher closing price than its opening. It reached a point that the altcoin was trading at $2.43.
Promising sign for IOTA
The trading charts showed a very promising sign for the cryptocurrency, and it brings hope to its investors.
The token’s Relative Strength Index suggested that there is a very big chance that IOTA will break through its all-time high of $2.67 very soon. If this happens, a faster upward channel will be opened for it as it also aims for a new record high. This will also indicate that the altcoin will have no strong selling pressure on its way up.
However, a large number of selling orders the moment IOTA reaches its all-time high price will likely go through price retracement.
Chrysalis Phase 2.0
Meanwhile, Chrysalis Phase 2.0, the final phase of IOTA 1.5, is expected to be launched on April 28 this year by the Decentralized Ledger Platform and is being dubbed as a major milestone for the company.
This will become a bridge network for IOTA and the Coordicide event, and the upgrade will bring the complete decentralization of the IOTA network in a full circle.
The IOTA Foundation said that their team is heading down in the final bits and pieces to make everything smooth both on April 21 and 28. There are tests being run on multiple aspects of the infrastructure to make sure all migration scenarios are working perfectly.
Image courtesy of Bitcoin for Beginners/YouTube