IOTA’s price continues to climb for the second consecutive day following significant updates from developers regarding the Rebased upgrade.
Important Rebased Updates
The developers at IOTA Foundation have announced a major upgrade called Rebased. This update represents a key milestone in transitioning IOTA into a layer-1 network with enhanced features surpassing popular blockchain networks such as Sui and Polkadot. The new network will support parallel processing of Ethereum Virtual Machine and MoveVM, full decentralization, and a throughput of over 50,000 transactions per second.
Developer Support Program
IOTA Foundation has launched a developer support program offering grants of up to €100,000 to qualified participants working on projects in areas like real-world asset tokenization, decentralized identities, and supply chain management. The program will run until December 31 and includes technical, marketing, and strategic support.
IOTA Price Forecast
The daily chart shows that IOTA’s price reached a support level of $0.1750 before climbing to $0.2500. Currently, it has crossed the 200-day Exponential Moving Average and is above the 78.60% Fibonacci retracement level at $0.2150. Further growth to $0.3655 is possible, corresponding to the 50% retracement level and the middle line of Andrew's Pitchfork tool.
The Rebased upgrade and new developer support program from IOTA Foundation significantly impact the rise of IOTA's price. Experts anticipate continued token strengthening due to innovative changes that expand network capabilities and attract new participants.
