IOTA (MIOTA) price surged as the Rebased upgrade date approached

The IOTA price sustained its robust rally on Monday as the Rebased upgrade date approached. It has jumped for ten consecutive days, marking its longest streak

The IOTA price sustained its robust rally on Monday as the Rebased upgrade date approached. It has jumped for ten consecutive days, marking its longest streak since March 3.

IOTA (IOTA) rose to a high of $0.2415, its highest level in over two months, and 85% above its lowest swing in April.

The token is gearing towards its biggest upgrade in its history. In a note last week, the developers said that the Rebased upgrade and hard fork will happen on Monday, May 5.

This upgrade will introduce several features that will benefit both developers and investors. IOTA investors will benefit from the introduction of staking, which will let them earn between 10% and 15%.

Staking will become possible because IOTA will adopt a delegated proof-of-stake network, with over 150 validators, including Ankr, Cosmostation, Nansen, Twinstake, and Hacken.

IOTA’s developers will also benefit, as the network will introduce Move-based smart contracts. These contracts will enable developers to build decentralized applications in industries like gaming, non-fungible tokens, and decentralized finance.

These smart contracts will let IOTA’s network compete with other networks like Ethereum (ETH), Solana (SOL), and Tron (TRX). This, in turn, will help generate income for the network. Some of the fees collected will be burned, making it deflationary. IOTA’s 50,000 transactions per second throughput will surpass that of many other networks.

In a note, the developers said that two dApps have already launched on the Rebased testnet. Swirl is the first liquid staking network, while Pools Finance is the first decentralized exchange network.

IOTA price technical analysis

The daily chart shows that the IOTA price has rebounded strongly over the past few days. Most of these gains followed the announcement of the Rebased upgrade roadmap.

The coin has broken above the upper side of the falling wedge chart pattern, a popular bullish signal. It has also moved above the 50-day moving average and the key resistance level at $0.2095, the highest swing on March 26.

Therefore, the IOTA token will likely continue rising as bulls target the next key resistance at $0.4235, the highest swing on January 17. This price is about 95% above the current level. A drop below the support at $0.15 would invalidate the bullish forecast.