- IOTA price bounced back on Thursday after the Fed decision.
- The bank left interest rates unchanged between 5.25% and 5.50%.
- Fireblocks integrated ShimmerEVM, giving it access to institutions and enterprises.
IOTA price bounced back on Thursday as traders reacted to the final Fed interest rate decision and the latest Shimmer news. The coin jumped to a high of 0.2825, much higher than this week’s low of $0.24.
Fed and Shimmer news
There were two key catalysts for the IOTA price movement. First, the Federal Reserve delivered a somewhat dovish interest rate decision on Wednesday. In it, the bank decided to leave interest rates unchanged for the third straight meeting.
The Fed also deliberated about rate cuts for the first time in two years. According to Jerome Powell, the bank would consider delivering at least three interest rate cuts in 2024 if inflation continued moving downwards.
In the aftermath, the US dollar index (DXY), VIX, and US bond yields continued their downtrend while American equities jumped. The Dow Jones jumped above $37,000 for the first time on record.
The other important IOTA news was that Fireblocks, a leading player in the blockchain industry started integrating ShimmerEVM. Fireblocks is a company that helps to manage digital asset operations for corporates.
Therefore, the integration means that companies and other enterprise users can now store and transact in Shimmer’s SMR tokens. The integration will be followed by IOTA EVM in 2024. In a statement, Dominik Schiener, the Chairman of IOTA Foundation said:
“We are excited to collaborate with Fireblocks to provide our users with the highest level of security and complianceThis integration will make it easier for institutional investors and enterprises to adopt and use ShimmerEVM (and IOTA EVM), and will help us bring more digital assets on-chain.”
Shimmer is an important part of the IOTA ecosystem in that it provides a platform for developers to build dApps and test them before transferring them to the IOTA ecosystem. It is a concept similar to Kusama and Polkadot. Some of the top dApps in ShimmerEVM are Home DAO, ApeDAO, and GeckoTerminal.
IOTA price forecast
The four-hour chart shows that IOTA token retreated from the year-to-date high of $0.3724 to a low of $0.2450 as cryptocurrencies lost momentum. As it dropped, it formed a falling wedge pattern, which is a bullish sign. It has now moved above the upper side of the wedge and the 25-period moving average.
The Relative Strength Index (RSI) has also continued rising and is now above the neutral point of 50. Therefore, the outlook for IOTA is quite bullish, with the next point to watch being the resistance at $0.32.
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