Can IOTA Price Reach $1 as It Shifts to Rebased Protocol?

Highlights:

• IOTA price flips bullishly, as daily trading volume explodes.
• IOTA is gearing up for one of its biggest upgrades – IOTA Rebased. 
• The IOTA Rebased proposal includes measures like staking rewards, fee burning, and lower network fees designed to create a sustainable, scalable ecosystem. 

The IOTA price is winning on the charts today. It has skyrocketed 27%, hitting the $0.37 mark in the past 24 hours, before slightly retracing to $0.33, still 13% up as of press time. Its daily trading volume has notably exploded 198% to $371.32 million, showing heightened market activity. IOTA is now up 35% in a week, 206% in a month and 22% in a year.

Meanwhile, IOTA has been shipping tech since 2015 and is gearing up for one of its biggest updates – IOTA Rebased. With this upgrade, IOTA is set to become the first-ever dual smart contract ecosystem, combining Parallelized Move VM and EVM.

[Governance] 🌀 #IOTA's Rebased proposal includes measures like staking rewards, fee-burning, & lower network fees—designed to create a sustainable, scalable ecosystem. Your vote shapes these potential changes. 🗳️ It starts tomorrow, Dec 2nd at 3PM! 🔗https://t.co/k1r4EUzMzc pic.twitter.com/gicpWaCSoP

— IOTA (@iota) December 1, 2024

The IOTA Rebased proposal includes measures like staking rewards, fee burning, and lower network fees designed to create a sustainable, scalable ecosystem. 

[Governance] 🌀 #IOTA's Rebased proposal includes measures like staking rewards, fee-burning, & lower network fees—designed to create a sustainable, scalable ecosystem. Your vote shapes these potential changes. 🗳️ It starts tomorrow, Dec 2nd at 3PM! 🔗https://t.co/k1r4EUzMzc pic.twitter.com/gicpWaCSoP

— IOTA (@iota) December 1, 2024

IOTA Statistical Data

Based on CoinmarketCap data:

• IOTA price now – $0.33
• Trading volume (24h) – $371.32 million
• Market cap – $1.19 billion
• Total supply – 3.54 billion
• Circulating supply – 3.54 billion
• IOTA ranking – #92

IOTA’s price is showing massive strength as it has broken out in a parabolic curve after a period of consolidation. The token, which drew attention with its rise in previous bull seasons, has shown a performance of 27% to $0.37 before a slight pullback in the last 24 minutes. With this rise, IOTA reminded us of the bull season in 2021, increasing expectations of higher price levels soon. 

The token has been oscillating between an upper resistance of 0.14 and lower support at $0.10. However, the token has broken out significantly, printing gains in the market. Elsewhere, renowned crypto investor @DjPrestigeUk on X says, “with high volume and strong momentum, this could be just the start. Watch for a retest of $0.37—if it flips, $0.40+ might be next.”

🚀 $IOTA is on fire!

Up 27% today, breaking out of a consolidation zone and hitting $0.37 before a healthy pullback. With high volume and strong momentum, this could be just the start! Watch for a retest of $0.37—if it flips, $0.40+ might be next. 🔥#IOTA #Crypto… pic.twitter.com/ImnJc5ymJk

— Crypto (DJ) Prestige (@DjPrestigeUk) December 2, 2024

Technical Analysis

Notably, the technical indicators support the upward momentum in the market, as the $0.155 and $0.158 (coinciding with 50-day and 200-day, respectively) provide dynamic support. The Moving averages are notably on the verge of making a Golden Cross. In the case of the Cross, the IOTA price could be in for a long-term bullish outlook. 

However, traders are advised to exercise caution as the Relative Strength Index (RSI) pushes into the overbought region. A retracement is likely to follow, allowing IOTA Coin to sweep through more liquidity as already sidelined investors rush to buy lower-priced MOG tokens.

Traders are at liberty to hold their long positions in IOTA intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator has also been trending upwards into the positive region – above the mean line at 0.00.

IOTA Price Prediction

The IOTA price could slump slightly as the RSI pushes to the overbought regions. While the chart above shows very strong bullish momentum, the RSI is very overbought and highly extended from moving averages. This is a high-risk, high-reward setup, and traders should pay close attention to volume and momentum indicators for cues on how to position themselves in the market.

On the downside, the Iota price could chase support at $0.223. On the upside, if the support levels stay intact, the price could surge to reach $1 in the near term.