IOTA Rises 370% to Yearly High — Price Targets $1.50 Next

The IOTA price has increased by 350% since the start of November, culminating in a new yearly high today, Dec. 3.

IOTA broke out from long-term horizontal and diagonal resistance levels during the upward movement.

There is minimal resistance above the current price, allowing for a rapid increase toward the next resistance at $1.50.

Let’s look at the price action and see how likely IOTA is to reach it.

IOTA Clears Resistance

The weekly time frame chart shows that IOTA is in the process of creating its fifth successive bullish weekly candlestick.

During this time, the price has increased by 371%. Last week, IOTA broke out from a descending resistance trend line that existed for 1,323 days.

Breakouts from such long-term structures often mean the correction is over and a bullish trend reversal has started.

To further reiterate this possibility, IOTA increased and closed above the $0.35 horizontal resistance area.

If the increase continues, the next resistance will be at $1.50, a level not reached since the start of 2022.

Technical indicators support this increase, suggesting the upward movement will continue.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) both generated bullish divergences (green) before the breakout and are now in bullish territory. The RSI just increased above 70.

In 2021, the RSI increase above 70 started the most parabolic part of the upward movement, leading to the $2.67 high.

So, the weekly time frame gives a bullish IOTA prediction, suggesting the price will increase to the next resistance at $1.50.

IOTA Rebased Upgrade

On Dec. 2, the IOTA team opened a community vote for the new upgrade, Rebased. The governance vote will last for 14 days.

If the proposal goes through, the IOTA mainnet will be upgraded to the Rebased protocol currently running on a Testnet.

Some major upgrades include:

• Move-based smart contracts
• Full decentralization of the IOTA ledger
• Adaptive burn mechanism on transaction fees
• Target inflation of 6-7%
• Target APY of 10-15%

IOTA sentiment on X is also bullish because of the long-term descending resistance trend line breakout. A close look at the wave count is needed to determine where IOTA will head next.

Corrective Increase?

The weekly time frame wave count predicts the IOTA upward movement will continue but suggests the increase is corrective.

Since 2018, the IOTA price has followed a similar pattern. It completed a five-wave decline (black) followed by an A-B-C corrective structure (white).

The structure ended at the previous cycle’s 0.5 Fibonacci retracement resistance level.

If the same happens, IOTA will reach a high of $1.36, close to the $1.50 long-term horizontal resistance area.

Since the IOTA price is nearing the top of wave A, a correction could begin soon, and then wave C could be completed toward the outlined target.

A more accurate target for the top can be determined once wave C is complete.

IOTA Price to $1.50

The IOTA price has likely ended its long-term downward trend, which started in 2021. However, the ensuing upward movement also looks corrective.

Nevertheless, the IOTA price could still increase to $1.35-$1.50, which would be a 200% upward movement from the current price.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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