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- The establishment of the IOTA-Imperial College Lab underscores its commitment to research and innovation.
- IOTA has rebounded from a critical Fibonacci retracement level, with analysts predicting next price targets of $0.6258, $0.7232, and $0.8101.
The IOTA ecosystem has indeed gone through a complete transformation in the past year. It is now at the forefront of distributed ledger technology, having increased its usage cases and defined its market presence. Recent developments point to the progress IOTA has made in tokenization, digital trade finance, regulatory compliance, and decentralized infrastructure, per the CNF report.
A Look At Key Achievements In 2024
Amongst its achievements, it has formed partnerships in tokenization projects. Abu Dhabi Global Markets recently recognized it for working in collaboration with the UAE government on such projects. Such initiatives will pave the way for innovative applications in asset tokenization under a compliant regulatory framework.
Moreover, IOTA is working on the digitalization of trade finance in Africa by collaborating with key organizations such as TradeMark Africa and the World Economic Forum. Such collaborations will aim to make the processes of trade more efficient and boost economic growth through blockchain-based solutions.
Additionally, the network has gained ground in Europe through its participation in the CIRPASS initiative and European Union sandbox programs. These initiatives focus on further developing decentralized identity solutions, pointing out IOTA’s seriousness toward practical and scalable implementations.
Furthermore, IOTA has accomplished several regulatory landmarks, such as Sharia compliance certification, that are to be allowed in the MENA region. Such approvals underline the adaptability of the ecosystem to meet different requirements across global markets.
The establishment of the IOTA-Imperial College Lab is another major step in marking IOTA’s collaboration with academia to push research and innovation in DLT applications. This collaboration between IOTA and Imperial College London is hoped to spark advancement in blockchain technology and its practical applications.
IOTA’s anticipated Rebased upgrade will be launched shortly, reported CNF. The upgrade promises to further decentralize and increase utility within its network. Moreover, it is set to include programmability via the EVM and MoveVM, introduce staking, and make high-speed transactions over 50,000 TPS possible. All of these features contribute to the wave of scalable and compliant blockchain ecosystems.
IOTA Price Technical Analysis
On the technical side, the token broke above a downtrend line and seems to have been reversing its trend, according to crypto analyst Andrew Griffith. Recently, the price rebounded off the 0.786 Fibonacci retracement level. This confirmed significant buyer interest in this zone. Thus, Griffith is expecting the following targets for IOTA:
- Target 1: $0.6258
- Target 2: $0.7232
- Target 3: $0.8101
During the protracted bear market, IOTA quietly changed its infrastructure and strategy to align with the demands of governments and regulated industries. Thus, the IOTA price has benefited significantly, noting a strong rebound this week. In the last 24 hours, IOTA price gained 5.26%, trading at $0.3526 as of writing. Meanwhile, the weekly gains stand at 10%.