The price of IOTA is showing the below indication, indicating a possible rebound to the upcoming rebel protocol upgrade.
IOTA (IOTA) reached a high level of $ 0.3195 on Thursday, receiving about 13% from its lowest level this week.
The rebound coincided with a comprehensive cryptocurrency rally, as bitcoin (BTC) rose above $ 106,000. According to coinmarketcap, the total market capitalization of all cryptocurrency rose nearly 4% to $ 3.60 trillion on Thursday. Cryptocurrency often demonstrates high correlation, which contributes to the recent benefits of IOTA.
The next large catalyst for IOTA will be launched the upcoming rebellious mannet, which will help compete with other major chains such as Solana (Sol) and Avalans (Avax).
The Rebged is currently in its Testnet stage, with top verifications including AnkR, Nansen, Hashkey and Twinstake. While the exact date for the Mennet launch has not been announced, the developers have indicated that it is expected in the first quarter of the year. With January, now, February or March remains a possible month for its rollout.
The upgrade Iota will introduce many new features in ecosystem, including high decentralization, move virtual machine, atherium virtual machine compatibility and rapid transaction speed up to 50,000 transactions per second. For the most specially IOTA holders, the update will enable staking with annual awards between 10% and 15%.
Rebirth has the ability to expand the access of IOTA, which makes it competitive as other blockchain networks such as SUI, base, arbitrum and solana. Consequently, there is a strong possibility that the price of IOTA will turn back before the Mennet launch.
IOTA price analysis
The daily chart indicates that the IOTA may be below the major support level of $ 0.2760, which has been held from December. Price action has formed a double-boatum pattern, a widely recognized rapid formation, at $ 0.4256 with a neckline.
Additionally, the IOTA has gone above the 100-day exponential moving average, indicating that the speed of rapid speed is intact. The token is also hovering below 61.8% fibonous retracement level.
Given these technical factors, IOTA is likely to rebound and potentially withdraws the neckline to $ 0.4256, which represents an increase of 36% from its current level. However, this rapid approach will be rejected if the price falls below the support level of $ 0.2760.
