IOTA’s price climbed for a second consecutive day after developers shared an important update about Rebased, its upcoming upgrade.
IOTA (IOTA) surged to a high of $0.2500 on Tuesday, marking a 40% increase from its lowest level this month.
In a statement, the IOTA Foundation announced it will award up to €100,000 ($103,398) to qualified developers working on the network. Recipients will also receive technical, marketing, and strategic support to help implement their projects.
IOTA is targeting developers in areas such as real-world asset tokenization, decentralized identities, and supply chain management. For example, the foundation is seeking solutions for supply chain tracking, identity management, and data integrity and compliance. The program will run until Dec. 31.
The new Business Innovation Program is part of Rebased, IOTA’s most significant upgrade, which is currently in its testnet phase. Rebased will transition IOTA into a layer-1 network with advanced features surpassing those of chains like Sui (SUI) and Polkadot (DOT).
IOTA will have parallel processing of Ethereum Virtual Machine and MoveVM. It will be fully decentralized and handle over 50,000 transactions per second. Solana has a TPS of less than 5,000, while Tron (TRX) handles less than 100.
IOTA holders will also benefit from a high staking yield ranging between 10% and 15%, exceeding the yields of popular cryptocurrencies like Solana and Ethereum.
The Rebased project is now in its testnet and has tens of the most popular validators like AllNodes, Stakefish, and Stardust Staking.
IOTA price forecast
The daily chart shows that IOTA’s price bottomed at $0.1750 last week before climbing to the psychological level of $0.2500. It has now reached the 200-day Exponential Moving Average
The token has moved above the 78.60% Fibonacci retracement level at $0.2150 and has formed a falling wedge pattern consisting of two converging trendlines. The two lines are nearing convergence, signaling the potential for further gains.
A bullish rebound could push IOTA toward $0.3655, the 50% retracement level, representing a 50% increase from the current price. This level also aligns with the middle line of Andrew’s Pitchfork tool.
