- IOTA trades at $0.33 today, displaying a 9% gain in the 24-hour chart.
- Technical analysis reveals it could rally beyond $1.00 to target prices between $2.50 and $3.00.
- Further fueling optimism in the long-term growth of the ecosystem are major launches within its network and real-world adoption of IOTA’s technology.
IOTA remains one of the underdogs in the cryptocurrency space. It may be far from its glory days back when it launched in 2016 and peaked at an all-time high in 2017 but it’s now gradually climbing its way back from obscurity as it lays down the foundation for its explosive return.
According to Finbold, IOTA appears to be primed for a massive bull run in the next three months. Forecasts place the target range between $2.50 to $3.00 if it manages to breach the resistance levels of $1.80 and $2.00.
The figures are still a far cry from the token’s all-time high of $5.69 six years ago, but it’s already over 300% over its all-time low of $0.08 back in 2020. Today, the digital asset is displaying a gain of over 9% in its value in the 24-hour chart as it trades around $0.33.
Beyond the charts, however, are events coinciding within the timeline set by the source, which could shape IOTA’s long-term and sustainable growth.
IOTA 2.0 Launch
The past couple of years have been about laying the pillars of what’s to come within the IOTA Foundation. Based on its updates in 2023 and early this year, 2024 may be the time when it will finally launch the latest version of its platform, the IOTA 2.0.
Based on the update of IOTA Co-founder and Chair Dominik Scheiner, the alpha launch of the revamped network and Ethereum Virtual Machine (EVM) will pave the way for scalability and interoperability within the network. These could bridge developers of multi-chain decentralized applications (dApps) in its ecosystem.
Real-World Adoption of IOTA’s Tech
Alongside the aforementioned developments were more real-world adoption of IOTA’s underlying technology. Following the establishment of its headquarters in the UAE and expansion within the Middle East and North Africa (MENA) region, it just launched the Trade Logistics Information Pipeline (TLIP) in collaboration with Trademark Africa and other governmental organizations.
The program aims to streamline and enhance the process of the cross-border exchange of Sanitary and Phytosanitary (SPS) trade documents in the East African Community (EAC). It’s currently limited within the jurisdiction of the EAC but a wider regional rollout is expected soon.
Another breakthrough could also spell IOTA’s broader influence in the market. One of the world’s top mobility solutions providers, ZF Group, just patented a new platform for advancing traceability and verification of original components in a company’s supply chain using the tech of IOTA.
The system is designed to combat product piracy and product counterfeiting, which are estimated to affect 2.5% of products being traded globally. The project is reportedly being piloted within the ranks of the ZF Group.
Active Participation in Startups
As a way to help the FinTech community, IOTA recently unveiled the Ecosystem Foundation where it committed $10 million to incentivize startups centering on digital trade and tokenization of real-world assets (RWAs). Scheiner highlighted that in addition to fostering smoother trade transactions, the goal of their new effort is to improve the interconnectivity and efficiency of the global trade ecosystem.
Citing a study made by the ICC UK, the digitization of this sector is estimated to cut expenses by 80%, reduce the trade finance gap by 50%, increase small and midsize enterprise (SME) efficiency by 35%, and speed up cross-border processing up to 25 times the current benchmark.