The price of IOTA has fallen for two days in a row, erasing some of the gains made late last week, as token holders began a key governance vote.
iota (corn), the leading distributed ledger network, fell to $0.30, down more than 53% from its December high. This decline coincided with the ongoing sell-off of other cryptocurrencies such as Bitcoin (Bitcoin) and Solana (Sol).
The drop came as IOTA token holders began voting on an ambitious growth initiative that includes features such as public awareness campaigns and on-chain network metrics. if an offer After the pass, 44.8 million tokens held by Tangle DAO will be unlocked and used to deploy the network.
The voting process, which began recently, will last for seven days and end on January 20. Early data indicates that 97% of voters support the proposal, although this number may change as the voting process progresses.
This proposal comes after a recent vote by the community on Foxes suggestion. The Rebased upgrade will introduce new features to the IOTA ecosystem, including parallel MoveVM and EVM, full decentralization, 50,000 transactions per second, and staking returns of 10% to 15%.
The upgrade is expected to improve the network's functionality, enabling developers to build decentralized applications and positioning IOTA as a competitor to blockchains like Solana and Ethereum.
However, IOTA's previous attempts to launch an independent chain have faced challenges. For example, its canary network, Shimmer, has only attracted Only $728,000 In total value unlocked.
Iota price analysis
The daily chart shows that IOTA peaked at $0.6280 in December but has since fallen to $0.30. Despite this decline, it remains above the 50-day and 100-day EMAs.
The token also formed a triple bottom slant pattern, with a neckline at $0.400. The triple bottom is generally considered a bullish chart pattern.
While IOTA is currently on a downtrend, a rebound to $0.400 is still possible. However, the odds of a bounce will decrease if the price drops below the 50-day moving average and the uptrend line. In such a scenario, IOTA could fall to the psychological support level at $0.2500.
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