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EOS Coin Pumps 20% – Upward Channel to Underpin at $1.66

EOS
EOS

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The EOS Coin has maintained its previous-day upward rally and is trading near $1.75. Despite the cryptocurrency market’s disappointing start to the week, EOS is now performing the best among the top 100 cryptocurrencies by market cap. EOS, the EOSIO network’s native token, has outperformed the leading coins and tokens in the previous seven days, rising by more than 20%.

The announcement that Antelope would serve as the supporting protocol for blockchains built on the EOSIO protocol could be attributed to its rally. Furthermore, the EOS community’s ongoing efforts to prepare for the cryptocurrency’s rebranding were a key factor in the coin’s continued to bid.

EOS currently trades at $1.75 with a 24-hour trading volume of $968 million. EOS has dropped by 1.17% in the last 24 hours. EOS is now ranked #33 on the market and has a live market value of $1.7 billion. There are 998,733,494 EOS coins in circulation, with no information on the maximum supply.

Crypto Market Sentiment

The cryptocurrency market has been flashing red today, losing nearly 2% of its value. The cryptocurrency market has had a rough start to the week, but EOS is performing the best among the world’s top cryptocurrencies by market cap. As a result of the cryptocurrency market losing more than 2% of its value today, the total market value of cryptocurrencies has fallen below $1 trillion for the first time this month.

Bitcoin’s price has dropped more than 1% in the last day, and it is struggling to stay above the $21,000 mark. Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, is currently down more than 3% and may soon break through the $1,500 barrier. Despite this, the price of EOS has risen by 10% in the last 48 hours, making it one of the top gainers.

As a result of this rally, the next price resistance is now quite close to the coin. The price of EOS has risen significantly.

Important Network Development

The EOS Network Foundation’s (ENF) token skyrocketed after ENF announced last week that Antelope (Leading Trading Firm in Digital Assets) would serve as the foundational protocol for EOSIO-based blockchains. The ENF’s members include EOS, Telos, Wax, and UX Network, and it will promote Antelope, a community-run blockchain system.

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According to CoinDesk, the official transition to Antelope will take place on September 21, following a hard fork in the code of the EOSIO blockchain. According to a weekly report from data provider Kaiko, the EOS coin also spiked when the hard fork was first announced last week.

Even though it has increased by more than 40% in the last 30 days, it is still a long way from its year-ago high of over $14. The token’s rise was also aided by community efforts, which are still working on plans for the cryptocurrency’s rebranding. As a result of the EOSIO branding, the EOS currency would fork. According to the team, the EOS Network Foundation will soon take over the management of the EOS blockchain.

EOS Pumps 20% – Quick Technical Outlook

With a bullish bias, the EOS/USD pair is trading at $1.75, having formed an upward channel in the 4-hour timeframe. At $1.6620, the ascending channel is supporting EOS. Candles closing above the $1.6620 level are likely to drive an uptrend.

EOS Price Chart

EOS Price Chart – Source: Tradingview

Simultaneously, the 50-day EMA (exponential moving average) supports the buying trend near the $1.5410 level. The leading technical tools, such as the RSI and MACD, show some divergence, with the RSI indicating a buying trend and the MACD in a bearish zone.

On the upside, EOS’s immediate resistance is around $1.9350, and a break above this could initiate an uptrend until the $2.10 mark, while a breakout of the upward channel at $1.6620 could expose the EOS price to 1.4835 or 1.2580.

Consider remaining bullish above the $1.6620 level today. Good luck!

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