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IOTA Works Towards Chrysalis Upgrade, MIOTA Price Predictions are High

The IOTA 1.5 network upgrade, also known as Chrysalis is quickly approaching, with IOTA’s new wallet, Firefly introduced last week. Phase 1 of Chrysalis was launched earlier this year, in August, reaching one of the many important milestones in the network’s development.

Chrysalis is designed as an intermediate step before IOTA transitions into IOTA 2.0, also known as Coordicide.

IOTA 1.5 Phase 1

The successful deployment of Chrysalis Phase 1 has witnessed the upgrade of the network to process 1,000 transactions per second, with an average confirmation time of 10 seconds. Before the network upgraded to Chrysalis, the IOTA network was only able to handle 5 to 20 transactions per second. This upgrade takes the IOTA network one step further towards an enterprise-ready network.

IOTA 1.5 Phase 2

The second phase of IOTA 1.5 was expected in the second half of 2020. Phase two of Chrysalis involves the introduction of the functionality of unspent transaction output (UTXO), as well as other functions including atomic transactions, reusable addresses, and the transition to a binary transaction layout.

IOTA Foundation’s technical director Jakub Cech recently updated the progress on the components for the launch of Chrysalis Phase 2. Developers are now testing Chrysalis’ functionality on a private testnet, and are working on taking the necessary steps for pushing out the testnet public. Cech added that the CLI wallet has been completed, and a new faucet will be deployed soon.

IOTA’s new wallet—Firefly

The details of IOTA’s next-generation wallet Firefly was recently released. IOTA’s primary wallet has been Trinity, which has already set a high standard in the DLT industry, which allows for a seamless and simplified user experience. Although IOTA’s Trinity wallet has made one-time signatures safe for users, it will remain in IOTA 1.0.

As previously reported by Blockchain.News, IOTA’s new wallet, Firefly was built with the context of the addition of tokenized assets, chat, and contact management. Although these features are expected to be launched later on, the Firefly wallet “has been built with the future in mind.”

Major steps taken in Firefly’s first version are based on security, core user experience, and expandable architecture. Developers behind the Firefly wallet have focused on perfecting the core of the platform.

IOTA price prediction

IOTA’s token, MIOTA price is currently trading at $0.334724 at press time. MIOTA’s market capitalization is currently at $932,666,478 and ranks the 31st by market cap according to CoinMarketCap.

MIOTA’s all-time high price reached $5.25 in December 2017, when the crypto market witnessed an incredible rally. Although the IOTA token’s price is currently way down below its all-time high, many investors speculate that MIOTA could still see more growth.

According to an analyst, companies would want to purchase IoT information, and in order to do so, they would need to purchase the IOTA token. The biggest demand, according to the analyst, will come from the biggest companies that want to make more profit and reduce costs efficiently. The analyst further highlighted that the insurance and health industry would largely benefit from IOTA.

According to his forecast, IOTA would cover at least 20 percent of the IoT market value by 2025, valuing at $300 billion. This would take IOTA’s price to $107.95 per MIOTA. IOTA has been the biggest player involved in the automobile manufacturing industry with IoT. IOTA’s adoption could continue to grow as it becomes the standard mode of transactions between devices that are connected to the internet. IOTA’s Tangle technology also enables the network to be infinitely scalable.

IOTA Price Hits Three-Year High as Foundation Announces New Acquisitions

IOTA is an open-source distributed ledger and cryptocurrency designed specifically for the Internet of Things (IoT).

IOTA is a new type of distributed ledger that does not require miners, electricity, or transaction fees to truly own the protocol.

Dominik Schiener, the co-founder of the IOTA Foundation, acquired 10% of the shares of “credX AG,” a German financial technology start-up company. The two parties aim to use distributed ledger technology, the Internet of Things (IoT), and artificial intelligence (AI) to extend the foundation of business-to-business (B2B) financial applications.

Schiener will collaborate with the credX AG team to develop many novel use cases leveraging distributed ledger technology, IoT, and AI. According to sources familiar with the talks, the SaaS platforms offered by CredX AG will be optimized with distributed ledger technology – which will offer increased safety, decreased fees, and real-time transactions that decentralization boasts of.

IOTA Price Analysis

Source: IOTA/USDT 4-Hour via TradingView

Although Bitcoin suffered a sharp correction, reaching a low of $53,000 yesterday, other cryptocurrencies such as IOTA (MIOTA) have opposite performance.

IOTA has risen by 29.42% in the past week and 5.31% in the past 24 hours. At the time of writing, IOTA is trading at $1.71.

On March 23, we can see that the green candlestick is successfully breaking through the previous high resistance level of $1.60.

Subsequently, IOTA reached a high of $1.7773. However, the red Doji candlestick indicated that during this period, there was a large number of selling orders, and the bulls could not push IOTA’s price higher again. IOTA’S price consequently fell back to $1.66. In the short term, $1.7773 will be a critical resistance level for IOTA.

IOTA is currently in an ascending channel. The bulls are actively defending the $1.60 support level. If the price of IOTA can rise above $1.7773, the token will eye the next psychological barrier of $2.

The upward sloping moving average and bullish MACD index indicate that the bulls currently dominate the market.

The Stochastic RSI indicator has retreated from the 80 overbought zones and formed a bullish crossover, which means that in the short term, IOTA’s price is likely going to surge higher.

IOTA's Bullish Momentum Continues as Chrysalis Phase 2.0 to be Launched Soon

The decentralized ledger platform IOTA is preparing to launch Chrysalis Phase 2.0, also known as the final phase of IOTA 1.5, and this will mark a major milestone for the company.

The Chrysalis, which is expected to be launched on April 28, 2021, will become a bridge network between IOTA and Coordicide event. The upgrade will bring about the complete decentralization of the IOTA network.

The IOTA Foundation declared:

“With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.”

The IOTA Foundation focused on the limitations of its first network iteration to build an upgraded platform with Chrysalis. Once the upgrade is successfully implemented, the current IOTA mainnet will become the old mainnet. The new mainchain will see an improvement in the reliability and speed of the network.

IOTA (MIOTA) Price Analysis

Source: IOTA/USDT Daily via TradingView

According to CoinMarketCap, IOTA, the 23rd largest cryptocurrency with a market cap of $ $6,714,232,826 has risen by 10.61% in the past 24 hours.

Judging from the daily candlesticks chart, the bulls were very strong when actively fighting against the bears under such a turbulent market yesterday. Almost the majority of the cryptocurrencies showed a downward trend as Bitcoin plunged to $51K. IOTA is an exception.

The long lower shadow line of yesterday’s candlestick indicates that the bears spared no efforts to instantly lower the price to the 55 day-Exponential Moving Average (EMA) of around $1.60. However, the bulls seized the opportunity to buy MIOTA dips without any hesitation, pushing the closing price higher than the opening price to form a green bullish candlestick. Currently, IOTA’s price maintains its bullish momentum and is trading at $2.43 at the time of writing.

The transaction price of IOTA/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

The Relative Strength Index slopes upwards, which suggests that there is a high chance that IOTA breaks through its all-time high (ATH) of $2.677 soon. A successful breakthrough may open a faster upward channel for IOTA when the cryptocurrency hits a new high – this will indicate that the altcoin will not encounter strong selling pressure on its way up.

Conversely, if a large number of selling orders are triggered once IOTA’s price touches its ATH, then IOTA will likely experience a price retracement. The 20-EMA of $2.01 is a critical support level. As long as the IOTA/USDT floats above the 20-EMA of $2.01, the altcoin may stabilize and consolidate before resuming its upward momentum.