Crypto news for IOTA, Avalanche, Stellar
An analysis of recent crypto news and prices regarding IOTA (MIOTA), Avalanche (AVAX) and Stellar (XLM).
IOTA, Avalanche and Stellar cryptoassets in detail
It is worth mentioning that IOTA is an open source project, which consists of a cryptographic token, next-generation, already distributed, and thus non-minable.
Avalanche is a decentralized open source proof-of-stake blockchain with smart contract functionality.
Stellar, on the other hand, is an open source currency exchange protocol founded in early 2014 by Jed McCaleb and Joyce Kim.
IOTA: the new Coordicide update
IOTA, a DLT project with a development center in Berlin, had high hopes for an innovative “Internet of Things” solution and huge price gains in the future after a massive run-up in late 2017.
In the end, everything went wrong and the project came to a halt: most investors have had to watch IOTA’s price collapse ever since. But today IOTA with a new decentralization called “Coordinating agent“ can cause the price to explode.
The Coordicide update is essentially one IOTA 2.0 update, where the most important step is the decentralization of the network. In fact, the central coordinator is i Tangle was a major problem for IOTA, which had to be removed over time.
No date has yet been set for when the central coordinator will be shut down completely. So far, Coordicide is still being tested in Shimmer test network; if these succeed, the time may soon be right for the project.
The “Stardust” the update is designed to encourage the use of smart contracts. In addition, Shimmer also tests the connection to Ethereum virtual machine (ECM).
The crypto community around IOTA, which has been anticipating the Coordicide update for months, remains optimistic that the project will soon be able to deliver on the lofty promises made five years ago.
IOTA, with its decentralization and high scalability provided by Tangle, is expected to be one of the most exciting projects in 2023.
In fact, in the next bull market, the price of MIOTA may rise further, given that a bear market explosion seems unlikely.
However, IOTA may perform better in the future during bullish phases. In any case, it is difficult to predict whether the price will ever reach the record high again from early 2018.
Growing subnet demand for Avalanche (AVAX) crypto: a bigger boost than IOTA and Stellar?
According to recent data, demand for Avalanche subnets grew rapidly in 2023. In fact, Avalanches NFT trading volume reached a one-year high.
The Avalanche (AVAX) ecosystem has expanded significantly since the beginning of 2023, and the increase in network development activity is a testament to this.
According to a tweet from an analyst, the number of active developers working under various contracts exceeded 60 in March, the most in the year-over-year period. As it reads:
Too many in crypto are fading $AVAX and the strong narrative it is based on:
– Increasing development (Hypersdk)
– Partnerships with top tier games and AWS
– Growing $BTC.b deposit
– C chain growth
– Extension to Layer Zero OTF and CosmosFade at your own risk. 🔺🧪 pic.twitter.com/Oy0R7XuuJQ
— Emperor Osmo🧪 (@Flowslikeosmo) March 18, 2023
Subnets are Avalanche’s preferred scaling solution because they allow users to create and run their own blockchain networks. According to Avalanche explorer, there are currently approx 56 subnets on the Avalanche Network.
GameFi has become one of the fastest growing sectors of the Avalanche ecosystem. The platform has recently entered into high-profile partnerships to increase its in-game appeal to serve the landscape.
Blockchains, or app-specific subnets, provide a good incentive for gaming platforms, such as using a native token for transaction fees, which can ultimately reduce the cost of gaming.
Last month, Avalanche announced a partnership with the Indian streaming platform Loco to launch an NFT gaming marketplace “Loco Legends” using the subnets.
The platform also partnered with Japanese gaming pioneer GRE earlier this month, which chose Avalanche because of its expertise in the Web3 world.
In addition, blockchain-based games on the platform have seen promising growth. According to DappRadar, top games such as DeFi Kingdoms, Pizza Game and Avaxtar saw weekly growth 19.5%, 5.48% and 211.7% in its unique active users.
Focus on the price of Stellar (XLM): upward trend?
The price of Stellar (XLM) faces important resistance near $0.090 area against the US dollar. In fact, the price of XLM is now trading above $0.082 and the 55 (4-hour) simple moving average.
Additionally, a key contract triangle is forming with resistance near $0.0890 on the 4-hour chart. The pair could start a decent rally if it crosses $0.0890 and $0.090 resistance levels.
Therefore, the price of XLM needs to hold above the $0.084 support to rise further, and XLM/USD the pair has broken the $0.080 resistance zone to enter a positive zone.
Bullish traders pushed the price above the Fib 50% retracement level for the main decline from the swing high of $0.0978 to the low of $0.0746. On the upside, the price meets resistance close $0.0890 area.
It is therefore close to the Fib’s 61.8% retracement level for the main decline from the $0.0978 swing high to $0.0746 low. Turning to the key contraction triangle, we see that the next major resistance is near the $0.0900 level.
A clear move above the $0.0900 level could send the price towards the $0.0932 level. Additional winnings can offset the price $0.1000 level or even $0.1020 in the coming days.
The first downside support is near the $0.0865 level. Next important support is near the $0.0840 level, while major support is near the $0.0800 area.
Further losses could take the price towards the $0.0745 level in the short term, below which the price could even retest $0.0720 in the coming days.
