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The previous few days haven’t been one of the best for the cryptocurrency market. Nonetheless, regardless of all of the uncertainty looming over the cryptocurrency market, EOS has managed to face out.
Over the previous week, the worth has witnessed a 27% surge. Nonetheless, the token did drop down by a minimal of 0.7% within the final 24 hours to change arms at $1.75 at press time.
Some main causes behind the token’s value surge could be attributed to the hardfork introduced by the EOS staff. And, their ongoing DAO tiff with the funding agency, Block.one (B1) moreover the upcoming EOS rebranding.
The total image
The method of rebuilding EOS started in 2021 when in an unprecedented occasion, the EOS group went face to face towards 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 buyers.
B1 finally determined to settle with EOS, nevertheless, the latter nonetheless wanted entry to the codebase. The codebase and its IPO have been owned by an organization referred to as Bullish.
Thus, to entry the codebase and make essential enhancements, EOS deliberate for a hardfork. With the present hardfork and rebrand, the EOS group can transfer ahead with their tasks.
Moreover, with the hardfork deliberate for 21 September, buyers and merchants are gearing as much as money in on the doable bullish development that could be within the works.
One of many indicators of rising curiosity from the crypto group might be the latest spike within the quantity and market cap of the EOS token.
Supply: Santiment
However the excellent news doesn’t simply finish there, EOS is getting traction on varied social media platforms, with a excessive constructive sentiment for the EOS token.
Supply: Santiment
All hail EOS
The information of the hardfork and the hype round it has began to affect the worth as could be seen within the chart under. The value has been occurring an upward trajectory since 19 August and has examined the 1.900 resistance line.
AT press time the Relative Power Index (RSI) stood above the 60 mark. This means that the momentum was on the patrons’ facet. And, issues are trying bullish for EOS within the close to future.
Supply: TradingView
Though the long run is trying bullish for EOS, there might be additional FUD as we strategy the hardfork date.
Merchants are suggested to remain cautious and to maintain themselves up to date on another information that will have an effect on the EOS token’s future.
