“Why IOTA’s Price Skyrocketed Following Rebase Voting, and Can It Reach $1 Like XRP?”
Highlights
- IOTA price surged over 60% after Rebase voting commenced.
- The Rebase upgrade aims to make IOTA more developer-friendly with advanced features.
- Technical indicators suggest a potential rally to $1, mirroring XRP’s rise.
On December 3, IOTA’s price soared by 60%, marking its highest level since May 2022. This surge coincided with the announcement of Rebase voting, a pivotal network update. As momentum builds, many are asking: could IOTA follow XRP’s trajectory and hit $1 soon?
What’s Driving IOTA’s Rally?
IOTA surged to $0.5427, achieving its fifth consecutive week of gains—the longest rally since 2020. This price jump followed the initiation of a crucial vote for the Rebase upgrade, expected to revitalize the network after years of slow growth.
Rebase introduces several transformative features, including support for smart contracts, ultra-fast transaction speeds of up to 50,000 transactions per second, and staking rewards of 10–15% APY. These enhancements aim to attract developers to the IOTA ecosystem, particularly in DeFi, gaming, and NFTs.
Technical Analysis: Will IOTA Hit $1?
IOTA’s price is backed by strong technical indicators, suggesting further gains. The token recently broke past the critical resistance level of $0.4143, supported by a triple-bottom pattern—a bullish reversal signal. It has also surpassed the 50-week and 25-week moving averages.
The next key target for IOTA is the 23.6% Fibonacci Retracement level at $0.6300. A successful break above this level could push the token towards $1, representing a 70% gain from its current price.
However, if IOTA falls below $0.4100, this bullish outlook may weaken, signaling potential resistance to further gains. 
Conclusion
With Rebase promising to enhance IOTA’s speed, scalability, and utility, the token is garnering significant attention. If the momentum continues, IOTA could replicate XRP’s performance and potentially hit $1, making it a compelling asset to watch in the ongoing market rally.
