This week, IOTA continued its downtrend, reaching a two-week low, as developers made significant strides with the Rebased upgrade.
IOTA Price Drop and Stabilization
The IOTA token dropped to a weekly low of $0.1743 on Monday, as Bitcoin and other altcoins slipped. By Friday, the price stabilized at $0.2230, 30% above this week's low.
Rebased Development Progress
Despite price fluctuations, progress was reported in the Rebased testnet. New validators like Stakefish, Realize, Allnodes, InfraSingularity, and Keyring joined the testnet. They are expected to help secure the mainnet once the Rebased migration is complete. The update introduces new features like a parallelized Ethereum Virtual Machine and MoveVM, complete decentralization, and speeds of up to 50,000 transactions per second.
IOTA Price Technical Analysis
The daily chart shows IOTA token peaking at $0.6293 in December post-Rebased announcement but has since dropped by over 64%. The currency has dipped below the key support level of $0.2530, forming a 'mini-death cross'. RSI and MACD indicators are pointing downward but are no longer in oversold territory.
IOTA aims that the Rebased upgrade establishes it as a viable alternative to chains like Ethereum, Solana, Aptos, and Cardano.
