IOTA continued its bottom tendency this week, reaching its lowest level in two weeks, even further progressed on the upgrade revolted upgrade.
The IOTA (IOTA) token fell on a weekly low of $ 0.1743 on Monday with a bitcoin (BTC) and other altcoins slipping. It then stabilized on Friday at $ 0.2230, up to 30% from its lowest level this week.
The coin retreated despite the ongoing progress in the rebellious Testnet. In a statement, the developers reported that more verifications were included in the testnet, including stakefish, which has assets of more than $ 3 billion, as well as with realization, allenods, infrastingularity and kiring. Other verifications include spectrum stacking, stardust staking and alum laboratories.
These verifications will also help secure the IOTA network, when the rebellion migrated on the mannet. The upgrade will introduce IOTA many new features, including a parallel atherium virtual machine and movevm, complete decentralization, and speed of 50,000 transactions per second. This is notable because Solana (Sol) handles less than 5,000 TPS.
Additionally, IOTA holders will be able to stake their tokens and earn between 10% and 15% APY. This is an important figure, given that the US government bonds receive less than 5%, while popular cryptocurrency such as the Etharium (ETH) and SUI (SUI) offers a yield of 3%and 2%respectively.
Iota hopes that rebirth will create it as a viable option for series such as Ethereum, Solana, Aptos and Cardano.
IOTA Price Technical Analysis
The daily chart suggests that the IOTA token reached $ 0.6293 in December, which was in December after the rebellion was announced. Since then, it has fallen over 64% and has now been hovering near its lowest level since November.
IOTA has formed a mini-day cross, as 50-day and 100-day moving averages have crossed. This pattern often gives further negative indications. The token has also gone below the major support level of $ 0.2530, its lowest point on 20 December.
Currently, the IOTA 78.6% Fibonacci has fallen at the retracement level. The relative power index and MACD indicators are indicating downwards, but are no longer in the oversold area.
As long as the price remains below 50% retracement point at $ 0.30, the IOTA can remain at risk. A continuous decline may drop it at a low of $ 0.1035 of the previous year.
