The cryptocurrency market has began the week in a poor trend, however EOS is at the moment one of the best performer amongst the highest 100 cryptocurrencies by market cap.
EOS, the native token of the EOSIO ecosystem, is one of the best performer amongst the highest 100 cryptocurrencies by market cap. EOS is up by greater than 4% within the final 24 hours, outperforming the opposite main cash and tokens within the course of.
The cryptocurrency market has misplaced greater than 2% of its worth at the moment, ensuing within the whole market cap dropping beneath $1 trillion for the primary time this month.
Bitcoin is down by greater than 1% within the final 24 hours and is struggling to take care of its value above the $21k resistance degree. Ether, the second-largest cryptocurrency by market cap, is down by greater than 3% at the moment and will drop beneath the $1,500 resistance degree quickly.
EOS’s rally comes because the group continues to arrange for the cryptocurrency’s rebrand.
The EOSIO rebrand would additionally result in the fork of the EOS coin. In line with the staff, the EOS Community Basis would quickly be answerable for the EOS blockchain.
Key ranges to look at
The EOS/USD 4-hour chart continues to be bullish regardless of the broader cryptocurrency market underperforming in the meanwhile. The technical indicators present that EOS is outperforming the broader crypto market in the meanwhile.
The MACD line stays above the impartial zone, indicating EOS’s bullish momentum in the meanwhile. The 14-day relative energy index of 57 exhibits that EOS could possibly be heading in the direction of the overbought area if the rally will be sustained.
At press time, EOS is buying and selling at $1.480 per coin. If the constructive momentum is maintained, EOS may surge previous the $1.585 resistance degree. Within the occasion of prolonged bullish momentum, EOS may surpass final week’s excessive of $1.671 over the subsequent few hours or days.
The bears are nonetheless accountable for the broader market, and that might have an effect on EOS’s efficiency within the quick time period. If that occurs, EOS may drop beneath the $1.362 help degree earlier than the top of the day.