Chrysalis upgrade (IOTA 1.5) is in action and is believed to be over a few hours. IOTA developers took to twitter to put up the latest information about the upgrade, and in this regard, the wallet software will not be able to process transactions for the next few hours.
We are now officially performing the network upgrade for #Chrysalis (IOTA 1.5) Phase 1. The upgrade will take a few hours. Please do not try to send transactions using wallet software during the downtime. We will keep you posted throughout the day. Stay Tuned! #IOTA
— IOTA Engineering (@iota_dev) August 19, 2020
The same twitter account will keep the followers and networkers posted about resuming the transactions through wallet software. It was previously when IOTA proved to deliver powerful updates for Pollen Testnet.
In the ongoing update, IOTA 1.5 is believed to have a throughput of 1500 transactions per second as per the prior testing done. The speed, ease, and performance of the platform will be elevated as the upgrade will be complete.
IOTA Price Analysis
IOTA (MIOTA), on the above 2-day chart, is seen breaching a 14-month high around $0.45 and is on a constant uptrend after hitting a low around $0.060 during the massive sell-off in March. After hitting a fresh YTD high around $0.38 price area before the market crash due to the Pandemic, it grew by almost 140% compared with the opening price of the coin at the onset of 2020. Later, after hitting the YTD high at $0.060, it has grown over 600% in 5 months now.
Taking an emphasized view of the YTD movement of IOTA/USD on a 24-hour chart, we see that IOTA/USD was already breaching upper 20-day Bollinger Bands. However, with a slight decline in the intraday, the MACD line is now approaching to intersect with the signal line; however, it is still bullish on the 24-hour chart.
IOTA is retaining support from SMA50 & SMA200 at $0.294 & $0.227. With a gradual uptrend after the market crash in March, the currency has constantly been strengthening, but we project a volatile movement as the 20-day Bollinger Bands widen. The RSI is seen declining from the overbought region as the intraday tractions dip below $0.40 and now lies at 60.39. According to IOTA Price Prediction and current trade, the IOTA price might surge by the end of the year.
