IOTA price prediction: could double ahead of the Rebased upgrade

IOTA price made a strong bullish breakout above a crucial resistance level as focus shifted to the upcoming Rebased upgrade. The token has jumped in the last five consecutive days, moving to its highest level since March 3. It has jumped by over 60% from the lowest level this year. This article provides an IOTA forecast ahead of the Rebased upgrade.

IOTA price prediction

The daily chart reveals that the IOTA price topped at $0.6390 in November last year as most coins jumped. Like other coins, IOTA dropped and bottomed to a low of $0.1330 earlier this month.

As the token dropped, it formed a falling wedge pattern that is shown in blue below. This pattern has two descending and converging trendlines, and is a popular bullish reversal sign.

A bullish breakout normally happens when the two lines are about to converge, which has happened now. 

The token has moved above the upper side of this pattern. It has also jumped above the 50-day moving average, which provides substantial resistance earlier this year.

IOTA price also formed a bullish divergence pattern as the Relative Strength Index (RSI) and the MACD indicators moved upwards as it dropped. This divergence is one of the most popular bullish signs in the market. 

Therefore, the coin will likely continue rising in the next few weeks, with the next level to watch being at $0.4190, the highest level in January this year. This target is about 95% above the current level. 

The bullish IOTA price prediction will become invalid if the coin crashes below the support at $0.1330, the lowest swing on April 7.

Rebased upgrade is a top catalyst

IOTA price has numerous catalysts that may push it higher in the coming months. First, it will benefit from the ongoing Bitcoin recovery. Long-term chart shows that Bitcoin is still bullish and has a higher chance of getting above $100,000 and its all-time high of $109,200. Such a move will benefit most altcoins, including IOTA.

Second, and most importantly, the coin will benefit from the upcoming Rebased upgrade, which will happen on May 5 this year. 

Rebased is the largest upgrade in the network’s history, introducing key features that will expand its ecosystem. The most important of these features will be its decentralization through the delegated proof-of-stake model. It has already selected 150 of the top validators in the industry for that role.