The previous couple of days haven’t been one of the best for the cryptocurrency market. Nevertheless, regardless of all of the uncertainty looming over the cryptocurrency market, EOS has managed to face out.
Over the previous week, the value has witnessed a 27% surge. Nevertheless, the token did drop down by a minimal of 0.7% within the final 24 hours to trade palms at $1.75 at press time.
Some main causes behind the token’s value surge will be attributed to the hardfork introduced by the EOS staff. And, their ongoing DAO tiff with the funding agency, Block.one (B1) apart from the upcoming EOS rebranding.
The total image
The method of rebuilding EOS started in 2021 when in an unprecedented occasion, the EOS neighborhood went face to face in opposition to funding agency B1.
B1 had raised over $4 billion and promised to make use of that cash to develop EOS. However ended up scamming the traders.
B1 finally determined to settle with EOS, nonetheless, the latter nonetheless wanted entry to the codebase. The codebase and its IPO had been owned by an organization referred to as Bullish.
Thus, to entry the codebase and make needed enhancements, EOS deliberate for a hardfork. With the present hardfork and rebrand, the EOS neighborhood can transfer ahead with their initiatives.
Moreover, with the hardfork deliberate for 21 September, traders and merchants are gearing as much as money in on the attainable bullish pattern which may be within the works.
One of many indicators of rising curiosity from the crypto neighborhood could possibly be the latest spike within the quantity and market cap of the EOS token.
However the excellent news doesn’t simply finish there, EOS is getting traction on numerous social media platforms, with a excessive optimistic sentiment for the EOS token.
All hail EOS
The information of the hardfork and the hype round it has began to impression the value as will be seen within the chart under. The worth has been happening an upward trajectory since 19 August and has examined the 1.900 resistance line.
AT press time the Relative Energy Index (RSI) stood above the 60 mark. This means that the momentum was on the patrons’ facet. And, issues are wanting bullish for EOS within the close to future.
Although the longer term is wanting bullish for EOS, there could possibly be additional FUD as we method the hardfork date.
Merchants are suggested to remain cautious and to maintain themselves up to date on some other information that will have an effect on the EOS token’s future.