IOTA Leads Gains Among Top 100 Cryptocurrencies with 46% Rise in 24 Hours

IOTA’s Recent Price Rally

IOTA (IOTA) has experienced a significant surge in price, rising 46% in the last 24 hours to a six-month high of $0.504, pushing its market capitalization past $1.7 billion. This substantial gain has extended its monthly gains to over 350% and increased its daily trading volume by 83%, reaching over $705 million.

Factors Contributing to IOTA’s Rise

The recent price rally can be attributed to a jump in futures open interest, which has reached a record high of $87.89 million, more than three times the previous week’s low. Additionally, the altcoin’s price increase is supported by the initiation of voting for the Rebased upgrade, IOTA’s largest upgrade to date.

The Rebased upgrade introduces several key features, including:

  • The ability to earn IOTA staking rewards
  • An initial target inflation rate between 6% and 7%
  • Support for deploying Move-based smart contracts
  • Full decentralization of the IOTA ledger

The upgrade is expected to reduce transaction costs, introduce an adaptive fee-burning mechanism, and implement sponsored transactions to abstract transaction fees.

Voting Process and Expected Outcomes

The voting process for the Rebased upgrade will last for seven days, concluding on December 9, with the counting process taking an additional seven days, ending on December 16.

IOTA’s rally aligns with the current momentum in the altcoin market, as evidenced by the Altcoin Season Index at 81, indicating that many altcoins are outperforming Bitcoin. This surge is accompanied by heightened optimism in the cryptocurrency market, with the Crypto Fear and Greed Index reaching 76, signaling strong bullish sentiment prevailing in the market.

“IOTA has broken out of a large falling wedge pattern, a bullish signal in technical analysis, and has also breached a major resistance level at $0.40.”

Analysts’ Predictions for IOTA Price

Analysts predict that IOTA could surge to $0.70 in the short term, followed by a rally to $1, with a more bullish mid-term target of $2.60, representing a 430% hike from the current price level.

Another market commentator observes that IOTA has broken out after two years of accumulation, anticipating further gains for the altcoin as whales start rotating recent profits from other altcoins into IOTA.

Technical Analysis and Potential Pullback

On the daily chart, IOTA has moved above both the 50-day and 200-day Exponential Moving Averages, forming a golden cross, which can mean a major upside for the altcoin in the near future.

However, the Relative Strength Index and the Stochastic Oscillator have reached overbought levels, suggesting that a pullback is likely, with the altcoin potentially retreating to retest the support at $0.30 before resuming its upward rally.

For more news on the cryptocurrency market, visit Global Crypto News.

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