📈 $IOTA Price Is Surging: Can It Copy XRP And Hit $1?
Explore why the IOTA price went parabolic as the Rebase voting started and whether it can mirror XRP to hit $1
On December 3, Tuesday, IOTA price surged 60% on the back of a crucial network update. This massive rally is in line with the veterans like Ripple (XRP) and Stellar Lumens (XLM). With a huge spike in momentum, will IOTA copy XRP and hit $1 in the near future?
🔸 Why is IOTA Price Rallyin Today?
The IOTA token jumped to $0.5427, its highest level since May 2022. It is in its fifth consecutive week of gains, its longest winning trend since 2020.
This surge happened after the developers initiated a crucial vote for the upcoming Rebased upgrade. If this vote goes through, as most analysts expect, it will be a new beginning for IOTA, a network that has struggled to gain traction in the past few years.
Rebased introduces move smart contracts to IOTA, making it a better-distributed ledger network for developers to build applications. It also aims to have lightning fast speeds with up to 50,000 in transactions per second. If this is correct, IOTA will now become faster than popular blockchains like Ethereum and Solana.
Most importantly, for crypto investors, IOTA stakers will now earn between 10% and 15% APY for helping to secure the network.
By launching Rebased, the IOTA Foundation hopes that the network will attract more developers in areas like Decentralized Finance (DeFi), gaming, and NFTs.
🔸 #IOTA Technical Analysis: Could It Jump To $1?
The IOTA price has formed strong technicals, pointing to more gains ahead. On the weekly chart, the coin has been in a consolidation mode for over two years. In this period, it struggled to move below the key support at $0.1341, where it formed a triple-bottom pattern whose neckline was at $0.4143.
A triple-bottom happens when an asset fails to drop below a certain price three times, signaling that bears are afraid of shorting it below it. In most periods, such a bottom is a highly popular reversal pattern.