Analysis

Why is EOS up by more than 30% in the last 24 hours?

The cryptocurrency market is popping issues round as we speak, and EOS is without doubt one of the best-performing cryptocurrencies among the many prime 50 cash.

EOS, the native coin of the EOSIO ecosystem, is one of the best performer amongst the highest 50 cryptocurrencies by market cap. EOS has added greater than 30% to its worth within the final 24 hours.

The rally comes as EOSIO is about for a rebrand. The EOSIO is the blockchain, and it’s set for a significant rebrand. The rebrand would additionally result in the fork of the EOS coin. According to the team, the EOS Community Basis would quickly be in command of the EOS blockchain. 

The rally comes because the broader cryptocurrency market is recovering from the droop it suffered earlier this week. For the primary time this week, the cryptocurrency market is buying and selling within the inexperienced zone.

The market has added greater than 1% to its worth over the previous 24 hours, with the whole market cap now round $1.15 trillion.

Bitcoin remains to be buying and selling above $24k per coin, whereas Ether has surged previous the $1,900 mark once more after including greater than 2% to its worth within the final 24 hours.

Key ranges to look at

The EOS/USD 4-hour chart is without doubt one of the most bullish charts amongst the highest 100 cryptocurrencies by market cap.

The MACD line is deep inside the constructive zone, indicating that EOS is experiencing a bullish momentum in the meanwhile.

The 14-day RSI of 81 exhibits that EOS is presently within the overbought area after rallying by greater than 40% over the previous seven days.

At press time, EOS is buying and selling at $1.620 per coin. If the rally continues, EOS might commerce above the $2.059 resistance level for the primary time since Could.

Nonetheless, EOS may need the help of the broader crypto market to make a transfer previous the $2.488 resistance degree over the subsequent few days.

The put up Why is EOS up by greater than 30% within the final 24 hours? appeared first on CoinJournal.



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