The price of the IOTA token has remained stable over the past few days as it created a unique bullish pattern in anticipation of the Rebased upgrade.
IOTA (IOTA) is currently trading at $0.1670, slightly above its year-to-date low of $0.1360, but well below last year’s peak of $0.6375.
The token could see substantial gains in the coming weeks with the upcoming launch of the Rebased upgrade. Although the exact date has yet to be announced, there are rumors suggesting it may occur later this month.
The Rebased upgrade is a significant overhaul aimed at transforming the network into a more user-friendly layer-1 system. It will fully decentralize the platform using delegated proof-of-stake technology with a network of over 50 validators.
This move towards decentralization will introduce staking for IOTA, allowing delegators to earn an annual yield of between 10% and 15%. This will represent a markedly higher return compared to popular proof-of-stake tokens like Ethereum (ETH) and Solana (SOL).
IOTA will also adopt the Mysticeti Consensus, positioning it as one of the swiftest cryptocurrencies in the market, capable of processing over 50,000 transactions per second. In comparison, Ethereum manages fewer than 50 TPS, while Solana processes under 3,000.
IOTA Price Analysis
The daily chart reveals that the IOTA token has formed a distinctive pattern known as a falling wedge, characterized by two descending and converging trend lines. In this context, these lines are nearing convergence, heightening the potential for a breakout prior to the upgrade.
The Relative Strength Index and MACD indicators have also produced a bullish divergence pattern.
This scenario indicates that these oscillators are increasing while the asset’s price is retreating. As a result, a bullish breakout is likely in the upcoming weeks. The target price is set at $0.4175, which represents approximately a 150% increase from the current level.