- IOTA will undergo significant technological transformations in 2024, including smart contract integration and scalability improvements.
- Despite current challenges, innovations in IOTA could drive its adoption and value in the crypto market.
In 2024, IOTA faces major transformations and technological breakthroughs that could change its position in the cryptocurrency market. The introduction of patent CN117176593A, which aims to lead the development of the next generation of mobile communications technology, along with the launch of IOTA 2.0 and the tokenization of real-world assets, offer a promising outlook for the price of MIOTA.
According to analysts, these developments could drive MIOTA’s price to new all-time highs, reaching as high as $6.
The arrival of IOTA’s Ethereum Virtual Machine (EVM) on the Shimmer network, scheduled for March 31, 2024, promises to revolutionize the network by incorporating smart contracts and staking rewards.
This upgrade not only expands the network’s capabilities, but also increases usability and interaction with decentralized applications (DApps) .
In addition, the expected IOTA 2.0 network test in Q2 2024, which will include native sharding and advanced consensus mechanisms, promises to improve the network’s scalability and security, paving the way to full decentralization.
Despite the progress and growth potential, the price of IOTA has experienced a corrective phase, showing no significant bounces in recent sessions. This trend reflects low trading volume and diminished investor interest.
To start a new uptrend towards $0.5, the token needs to break above the $0.3 resistance level. Currently, the price is showing neutrality on the charts, holding gains above the 20-day exponential moving average but failing to break the 38.2% zone in recent weeks according to Fibonacci retracement levels.
Analysts maintain a neutral stance on IOTA, anticipating that the token could continue to face limited investor interest without experiencing significant upside in the coming sessions. However, if the token manages to break above the 100-day exponential moving average, it could trigger a fresh wave of buying, signaling a potential reversal of the downtrend.
