🌎 IOTA Price Jumps Ahead of Rebased Upgrade

IOTA Price Analysis: Potential Rebound Ahead of Rebased Protocol Upgrade

IOTA’s price has shown signs of bottoming out, indicating a potential rebound ahead of the upcoming Rebased protocol upgrade. The cryptocurrency rose to an intraday high of $0.3195 on Thursday, gaining about 13% from its lowest level this week.

Rebased Mainnet Launch: A Catalyst for Growth

The Rebased mainnet launch is expected to be a significant catalyst for IOTA’s growth, enabling the network to compete with other leading chains like Solana and Avalanche. The upgrade is currently in its testnet phase and is expected to launch in the first quarter of the year, with February or March being the likely months for its rollout.

New Features and Upgrades

The Rebased upgrade will introduce several new features to the IOTA ecosystem, including:

Greater decentralization
Move Virtual Machine
Ethereum Virtual Machine compatibility
Faster transaction speeds of up to 50,000 transactions per second
Staking with annual rewards ranging between 10% and 15%

These upgrades have the potential to expand IOTA’s reach, making it as competitive as other blockchain networks such as Sui, Base, Arbitrum, and Solana.

IOTA Price Analysis

The daily chart indicates that IOTA may have bottomed at the key support level of $0.2760, which it has held since December. The price action has formed a double-bottom pattern, a widely recognized bullish reversal formation, with a neckline at $0.4256.

Additionally, IOTA has moved above the 100-day exponential moving average, signaling that bullish momentum remains intact. The token is also hovering just below the 61.8% Fibonacci retracement level.

Technical Outlook

Given these technical factors, IOTA is likely to rebound and potentially retest the neckline at $0.4256, representing a 36% increase from its current level. However, this bullish outlook would be invalidated if the price drops below the support level of $0.2760.

As the Rebased protocol upgrade approaches, IOTA holders can expect a potential rebound in price. However, it’s essential to keep in mind that the cryptocurrency market can be highly volatile, and prices can fluctuate rapidly.