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IOTA’s price continued its downward trend this week, reaching a low of $0.1743, the lowest in over two weeks, despite notable advancements with its Rebased upgrade.
On Monday, IOTA hit a weekly low as Bitcoin and other altcoins faced a downturn, but it then stabilized at $0.2230 on Friday, showing a 30% recovery from the earlier dip.
The price drop occurred even as IOTA developers made substantial progress on the Rebased testnet. Several key validators joined the testnet, including major players like Stakefish, which manages over $3 billion in staked assets. Other validators such as Realize, Allnodes, InfraSingularity, and Keyring also came on board, supporting the network’s transition to full decentralization once Rebased goes live on the mainnet.
The Rebased upgrade aims to bring new features to IOTA, including a parallelized Ethereum Virtual Machine, MoveVM, and the ability to handle up to 50,000 transactions per second (TPS), which is far superior to Solana’s 5,000 TPS. Additionally, IOTA holders will be able to stake their tokens, earning between 10% and 15% annual yield (APY), a compelling incentive compared to the yields on US government bonds (less than 5%) or other major cryptocurrencies like Ethereum (3%) and Sui (2%).
Despite these advancements, IOTA has faced price challenges. The IOTA token hit a peak of $0.6293 in December following the announcement of Rebased, but it has since dropped by over 64%. Now trading near its lowest level since November, IOTA has formed a mini death cross on the daily chart, with the 50-day and 100-day moving averages crossing over, often signaling potential further downside.
IOTA’s price has also fallen below the critical support level of $0.2530, seen in December. Currently at the 78.6% Fibonacci retracement level, the Relative Strength Index (RSI) and MACD indicators suggest that the coin could face continued declines, with the potential to revisit last year’s low of $0.1035, unless it can reclaim the 50% retracement point at $0.30.
