【IOTA Price Surge: Can It Replicate XRP's Successful Path and Reach $1?】
IOTA's price surged 60% to $0.5427 following news of the Rebased upgrade, reaching a new high since May 2022 and rising for five consecutive weeks. If the upgrade plans are approved, it will introduce smart contracts, increase transaction speeds to 50,000 per second, and offer stakers an annual percentage yield (APY) of 10% to 15%. This improvement aims to attract more developers to the DeFi, gaming, and NFT industries.
Technical analysis shows that IOTA's price has broken through the neckline resistance level of $0.4143, forming a triple bottom reversal pattern, and has risen above the 50-week and 25-week moving averages. The current target price is $0.6300 (23.6% Fibonacci retracement level), and if this point is breached, the price could further rise to $1, representing a potential increase of 70% from the current price.
However, if IOTA falls below the support level of $0.4100, it may indicate weakening momentum, and caution is advised regarding future price volatility. This upgrade brings significant positive news for IOTA, and its market performance is worth close attention from investors.