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