IOTA’s Rebased upgrade is paying off. Just months after launch, the layer-1 network has hit an all-time high $36 million in total value locked, fueled by double-digit staking yields and rising transaction activity — momentum that has chart watchers betting on a bullish breakout toward $0.50.
IOTA (IOTA) token was trading around $0.2125 at last check on Aug. 17, up by 50% from its lowest level this year.
IOTA, a layer-1 network, is performing relatively well, just a few months after launching the Rebased upgrade. Rebased was a major upgrade that introduced more decentralization by adding new validators.
It also enabled IOTA holders to stake their tokens and earn double-digit returns. Nansen data shows that it now has staking yield of 13%, higher than most coins.
Rebased also introduced MoveVM smart contracts, enabling developers to build their decentralized applications in areas like DeFi and gaming.
Data shows that the total value locked in IOTA’s platform has continued rising this month and currently stands at an all-time high. Swirl, the biggest liquid staking platform, jumped by 2.8% in the last 30 days to $17.14 million.
Pools Finance’s TVL rose to $11 million, while Virtue has gained $8.14 million. This brings its TVL to $36 million, up from $10 million in July this year. While this TVL is still smaller compared to its peers, it is moving in the right direction.
IOTA’s network is also growing in terms of transaction growth. It handled 779,900 transactions in the last 30 days, a 31% increase, indicating that users are interacting with it.
The daily timeframe chart shows that the IOTA token formed a double-bottom pattern at $0.1420, its lowest level in April and June this year. A double-bottom is a typical bullish reversal pattern characterized by two distinct lows and a neckline, which, in this case, is at $0.2742.
IOTA token has moved slightly above the 50-day and 100-day moving averages. The Relative Strength Index and the MACD indicators have moved sideways.
Therefore, the IOTA price will likely bounce back and possibly retest the key resistance point at $0.2742, its highest point in May, and the neckline of the double-bottom pattern.
A move above that level will indicate further gains, potentially reaching the psychological point at $0.50, which is up 135% from the current level. A drop below the double-bottom point will invalidate the bullish forecast.
