IOTA Price Spikes Over 60% Intraday: What’s Driving the Rally?

• IOTA price rallied over 60% when rebased voting went live.
• A falling wedge pattern breakout was observed on the chart.

IOTA crypto has seen a massive surge in its value over the past 24 hours. The IOTA price has experienced a nearly 60% surge intraday and a significant boost in trading volume. Furthermore, it has reached the highest trajectory since May 2022.

When writing, the IOTA crypto traded at $0.5190, noting a 60% surge intraday. The market cap surged to $1.81 Billion, ranking 72nd among the top crypto coins.

Here’s What Powering the Bullish Move?

IOTA crypto price gained an upward momentum just after the developers initiated the voting. This voting would enhance the IOTA L1 mainnet to Rebased protocol.

Rebased is the first significant upgrade of IOTA. That includes features like the receipt of staking rewards in IOTA, with the initial inflation target at 6-7%. Moreover, there could be a possibility of deploying Move-based smart contracts.

Voting on the Rebased upgrade will be available for one week, closing December 9. The counting will take another one week, ending December 16.

Is a Move toward $1 Imminent? Analyst Share Insights

Amidst the bullish sentiment across the crypto market, the Crypto Fear and Greed Index reached 75. That signaled strong bullish sentiment prevailing in the market.

A recent tweet on X by Team Lambo Charts highlighted a bullish stance. According to him, the IOTA price has crossed the trendline of the falling wedge pattern, and a breakout was established.

With the ongoing bullish momentum, investors must watch $0.70 closely as a short-term resistance. Beyond that, a psychological $1 level could be possible in the coming days.

IOTA Price Prediction: Key Indicators Explained

IOTA crypto’s recent price rally has caught the market’s attention. That sparked speculation about the next possible upmove toward the $1 mark.

The market structure in the daily timeframe is bullish as the IOTA price has pushed the $0.5000 level. It has formed a series of higher highs and higher lows since the beginning of November.

The Directional Movement Index (DMI) agreed with the bullish structure and reflected a strong upward trend in progress, with the ADX (yellow) and +DI (green) above 40.

At the same time, the Relative Strength Index (RSI) curve rose to the overbought region at 92. It signaled a caution to investors about an upcoming dip.

Notably, the IOTA crypto price has crossed the upper Bollinger band region and trades beyond the 78.6% Fib level. However, the ongoing price action hints that the altcoin looks too overbought, and a significant decline is imminent. That could offer a buying opportunity in the coming days.

Futures Market Data Favor Bulls

Data from Coinglass reveals that the high funding rate meant the sentiment was strongly bullish. At press time, the OI-weighted funding rate was 0.0532%, signaling the demand for long contracts.

Moreover, the surge in spot CVD alongside the Open Interest (OI) reflected increased demand for the token. The Open Interest (OI) has risen over 74.32% to $87.63 Million, highlighting prolonged buildup activity over the past 24 hours.

The immediate support zones were $0.5000 and $0.4870. At the same time, the upside hurdles were $0.5500 and $0.6100.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.