IOTA Technical Analysis for 09/20/2017 – Poised for a Rebound?

IOTA is lower across the board as its counterparts had their own market factors propping it up. Nevertheless, a couple of updates could bring more gains to this particular digital asset down the line.

For one, Professor Vassil Dimitrov who holds a PhD degree in Applied Mathematics from the Mathematical Institute of the Bulgarian Academy of Sciences and has done extensive research on implementation of encryption algorithms, discrete mathematics, image processing, digital watermarking and related topics will be joining IOTA.

Bitfinex has also just released “smidgen” a multisignature wallet for IOTA. It is in its final beta stage but developers are already looking into other applications such as  address generation and balance checking.

IOTA is an open-source distributed ledger protocol launched in 2015 that goes beyond blockchain through its core invention of the blockless ‘Tangle’. This is a quantum-resistant Directed Acyclic Graph whose digital currency has a fixed money supply with zero inflationary cost.

This uniquely offers zero-fee transactions no fixed limit on how many transactions can be confirmed per second as scaling limitations have been removed with output growing in conjunction with activity. Unlike blockchain architecture, IOTA has no separation between users and validators. Instead, validation is an intrinsic property of using the ledger, thus avoiding centralization.

Against bitcoin, IOTA is down 2.83% as the former has drawn some support from a foreseen pickup in geopolitical risk. This stems from Trump’s speech in the UN General Assembly in which he threatened to retaliate against North Korea and called Kim Jong-Un “Rocket Man on a suicide mission.”

IOTA is also 5.39% lower to the dollar even as the latter faces potential event risk from the upcoming FOMC decision. This pair could see a move higher, though as price is just sitting right on support at 0.000144 and could pop back up to the resistance at 0.000146 if the central bank sounds more cautious in its economic assessment.

Lastly, IOTA is down 2.53% to ether and is trying to break below the near-term bottom around 0.00200. If it is able to do so, a drop towards the next support at 0.00195 is in the cards.