IOTA Price Analysis: IOTA Will See Major Upgrades in 2023; How Will MIOTA Price Respond?

• The IOTA ecosystem is slated to undergo significant updates in 2023.
• The introduction of ShimmerEVM, the first of a series of updates scheduled for 2023, is anticipated to enhance network utility for DeFi and NFTs
• MIOTA was trading at $0.2503, down 1.50% in the last 24 hours

The IOTA ecosystem is slated to undergo significant updates in 2023. The introduction of ShimmerEVM, the first of a series of updates scheduled for 2023, is anticipated to enhance network utility for DeFi and NFTs and enable value exchange from Layer 1 to Layer 2. The second is the IOTA Stardust update, which aims to turn the blockchain into a multi-ledger asset by enabling anybody to create tokens or NFTs on Layer 1 and communicate with Layer 2 smart contract chains. Third, new features like minting, transmitting NFTs and tokens to L1 and L2 networks, as well as voting and governance, will enhance the Firefly wallet’s functionality. IOTA 2.0, which remains highly anticipated and boasts a feeless architecture and the capacity to handle thousands of transactions in a matter of seconds, is expected to launch in 2023. At the time of writing, MIOTA was trading at $0.2503, up 1.50% in the last 24 hours.

Key Levels
Resistance levels: $0.4500, $0.3711, $0.2744
Support Levels: $0.2440, $0.2200, $0.1563

IOTA/USD Daily Chart: Ranging

IOTA/USD Daily Chart

Looking at the daily chart, two important levels to monitor are the daily moving averages (MA 50 and MA 200) at $0.2447 and $0.2347, which have been limiting their downward movement since mid-January. If an unexpected decline occurs, the horizontal level at $0.1563 is likely to provide immediate support.

Should the support levels of $0.2447 and $0.2347 fail to hold, IOTA prices may see further declines over the medium to long term. Over the past few days, the market has mostly consolidated below the $0.3000 level. If it manages to break above the $0.3000 mark, a gradual increase toward the $0.4000 mark could be attainable.

IOTA/USD 4-hour Chart: Ranging

IOTA/USD 4-Hour Chart

IOTA appears to be restrained by a technical obstacle near $0.2500 on the 4-hour chart. Thanks to the 4-hour moving average of 200, IOTA/USD is expected to find support near the $0.2410 level, stopping the bears and widening gains against the US Dollar in the short run.

Meanwhile, bears are unlikely to prevail in the market. A potential upside target could be between $0.2600 and $0.2700. A persistent break below, on the other hand, could indicate bullish exhaustion, putting the pair at risk of shattering the key psychological level of $0.2200.

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