- IOTA crypto price has formed a symmetrical triangle pattern.
- The developers launched ShimmerEVM testnet on Wednesday.
IOTA price moved sideways on Thursday even after the network unveiled the testnet of the ShimmerEVM. The coin was trading at $0.2110, which was about 8% above the highest point this week. It has risen by ~20% from the lowest point in 2023.
ShimmerEVM testnet launch
IOTA is a top player in the crypto industry. It is a unique platform that uses a technology known as tangle. Its coin has a market cap of $587 million, making it the 80th biggest cryptocurrency in the world, according to data compiled by CoinMarketCap.
IOTA made a big leap in 2022 when it launched Shimmer, a smart contract that makes it possible for developers to create dApps in all industries like DeFi and gaming. It is a feeless parallelized DAG ledger that secures smart contracts. It was created as a staging network for dApps created in IOTA.
One of the biggest crypto stories this week was the launch of ShimmerEVM testnet. As I wrote on Wednesday, an Ethereum Virtual Machine (EVM) is a piece of software used to create dApps in Ethereum’s ecosystem. It can be seen as the environment where all contracts in Ethereum live.
The ShimmerEVM testnet will run for a while and allow developers to test and identify bugs in the ecosystem. As a result, the product that will be pushed to the mainnet will have fewer bugs and be more secure.
Read more: How to buy IOTA.
ShimmerEVM block explorer shows that it has handled over 326k transactions, with the daily number having peaked at 270k on March 22. On Thursday, it handled over 8,300 transactions., with the average block time being 11 seconds. There are over 7,300 wallets in the ecosystem.
The challenge for IOTA and Shimmer is the substantial competition in the industry. Most of this competition is coming from Ethereum itself. On top of this, layer-2 networks like Arbitrum, Polygon, and Optimism.
IOTA price prediction
The 4H chart shows that the IOTA crypto price has been moving sideways in the past few days. In this period, its price has lagged that Bitcoin and other altcoins like ETH and SXP. The coin is oscillating at the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point at 50.
Most importantly, IOTA has formed a symmetrical triangle pattern, which is nearing its confluence level. Therefore, the coin will likely remain in this range for a while and then have a breakout. A bullish breakout will see it rise to the next resistance point at $0.2256, which is the 50% retracement level. This price is about 7.6% above the current level.
