IOTA price rebounded and flipped the 200-day moving average as transaction count jumped and developer interest rose.
IOTA (IOTA) climbed to a multi-month high of $0.2428, up 73% from its June low. The ongoing rebound has coincided with the broader crypto market rally that has pushed most altcoins higher.
The IOTA token also advanced as data showed it was the fastest-growing blockchain over the past seven days. Transactions rose 59% during that period to 209,577, bringing the 30-day transaction count to 655,000.
An increase in transactions is a sign of rising network activity, which is a positive signal. However, the number of active addresses dropped 50% in the last seven days to 687.
IOTA price also gained amid signs of growing developer interest following the recent Rebased upgrade. Pools Finance launched on July 11, becoming the first decentralized exchange on the network. The platform started with three pools, onchain swaps, and native liquidity.
Virtue Money, a new lending and borrowing platform, also launched on the network last week. It has already attracted over $5.5 million in assets, signaling strong investor demand.
Virtue Money and Pools Finance joined Swirl, the liquid staking app that has attracted over $15.6 million in assets. Swirl’s TVL has jumped more than 53% in the last 30 days.
These launches were made possible by the Rebased upgrade, which introduced smart contracts to the network. It also enabled staking, with Nansen data showing that the staking reward has risen to 14%.
IOTA price technical analysis
The daily chart shows that IOTA rebounded after forming a double-bottom pattern at $0.1413, with a neckline at $0.2735. A double bottom is one of the most bullish patterns in technical analysis.
IOTA has moved above both the 50-day and 200-day moving averages, while the Average Directional Index indicates a strengthening trend.
Therefore, the token will likely continue advancing as bulls target the neckline at $0.2735. A breakout above that level would point to further gains, potentially toward $0.50.
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