IOTA Surges 73% to Multi-Month High on Rebased Upgrade

IOTA, a prominent cryptocurrency, has experienced a significant price rebound, reaching a multi-month high of $0.2428, marking a 73% increase from its June low. This surge aligns with the broader crypto market rally, which has lifted most altcoins. The IOTA token's ascent is also attributed to its status as the fastest-growing blockchain over the past week, with transactions rising by 59% to 209,577, totaling 655,000 transactions over 30 days. Despite this increase in transactions, the number of active addresses dropped by 50% to 687 over the same period.

The recent Rebased upgrade has sparked growing developer interest in IOTA. Pools Finance, the first decentralized exchange on the network, launched on July 11 with three pools, onchain swaps, and native liquidity. Virtue Money, a new lending and borrowing platform, also debuted on the network last week, attracting over $5.5 million in assets, indicating strong investor demand. Virtue Money, along with Pools Finance and Swirl, the liquid staking app that has attracted over $15.6 million in assets, has contributed to the network's growth. Swirl’s total value locked (TVL) has surged by more than 53% in the last 30 days.

The Rebased upgrade introduced smart contracts to the IOTA network, enabling staking with a reward rate of 14%. This upgrade has facilitated the launch of new platforms and protocols, enhancing the network's functionality and attractiveness to developers and investors. The technical analysis of IOTA's price chart reveals a double-bottom pattern at $0.1413, with a neckline at $0.2735. This pattern, considered one of the most bullish in technical analysis, suggests that IOTA is likely to continue its upward trajectory as bulls target the neckline. A breakout above this level could signal further gains, potentially reaching $0.50. The Average Directional Index indicates a strengthening trend, with IOTA moving above both the 50-day and 200-day moving averages.