IOTA Price Is Surging: Can It Copy XRP And Hit $1?

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As a seasoned crypto investor with battle-scars from the 2017 bull run and the infamous bear market of 2018, I must admit that the recent surge in IOTA price has piqued my interest. The 60% rally on December 3rd, following a crucial network update, is reminiscent of the days when XRP and XLM used to dance to their own tunes.

On December 3rd, Tuesday, the price of IOTA skyrocketed by 60% due to a significant network update. This dramatic increase aligns with established cryptocurrencies such as Ripple (XRP) and Stellar Lumens (XLM). Given the surge in energy, will IOTA follow XRP’s lead and reach the $1 mark soon?

This CoinGape article explores if IOTA price will hit $1.

Why is IOTA Price Rallyin Today?

Reaching a peak of $0.5427, the IOTA token has hit its highest point since May 2022. This marks its fifth straight week of increases, making it the longest streak of continuous growth since 2020.

After developers held a vital decision-making process regarding the forthcoming Rebased overhaul, there was a noticeable increase in activity. If this vote is approved, as many experts anticipate, it could mark a fresh start for IOTA, a network that has faced challenges in garnering significant attention during the last few years.

As a crypto investor, I’m excited about the innovation that Rebased brings to IOTA – it’s moving smart contracts into the IOTA ecosystem, making it an even more appealing distributed ledger network for developers to build applications on. Not only that, but it boasts lightning-fast speeds, capable of handling up to 50,000 transactions per second! If this is indeed true, IOTA could outpace well-known blockchains like Ethereum and Solana in terms of speed – a game-changing development for the crypto world.

Essentially, IOTA staking is now rewarding crypto investors handsomely, with annual percentage yields ranging from 10% to 15%, by contributing to the network’s security.

With the debut of Rebased, the IOTA Foundation anticipates drawing in a larger number of developers to focus on sectors such as Decentralized Finance (DeFi), gaming, and Non-Fungible Tokens (NFTs).

IOTA Technical Analysis: Could It Jump To $1?

As a crypto investor, I’ve noticed some promising technical developments with IOTA. The price has been constructing robust patterns, suggesting potential gains in the future. Over the past two years on the weekly chart, IOTA has been consolidating its position. During this period, it has managed to hold above a crucial support level at $0.1341, forming what appears to be a triple-bottom pattern with a neckline at $0.4143.

In simple terms, a ‘triple bottom’ refers to an instance where the value of an asset doesn’t fall below a specific price level on three separate occasions. This pattern suggests that traders, often called bears, are hesitant to sell short (betting on further price drops) below this price due to perceived market recovery potential. In many cases, such instances serve as popular ‘reversal points’, signaling a possible shift from a downward trend to an upward one.

The current price of IOTA has surpassed a significant barrier at around $0.4143. Additionally, it’s risen above both its 50-week and 25-week moving averages. This suggests that IOTA could climb further and potentially reach the 23.6% Fibonacci Retracement level, which is approximately $0.6300.

Moving beyond this current stage could potentially boost the value of IOTA tokens up to $1, which is not far off the 38.2% retracement mark. Achieving $1, as XRP has before, would indicate a significant 70% growth from its present price level.

Conversely, a drop below $0.4100, which is a few points below the double-top point at $0.4143.

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2024-12-03 16:22