The cryptocurrency market has began the week in a poor trend, however EOS is at present the finest performer amongst the prime 100 cryptocurrencies by market cap.
EOS, the native token of the EOSIO ecosystem, is the finest performer amongst the prime 100 cryptocurrencies by market cap. EOS is up by greater than 4% in the final 24 hours, outperforming the different main cash and tokens in the course of.
The cryptocurrency market has misplaced greater than 2% of its worth today, leading to the whole market cap dropping beneath $1 trillion for the first time this month.
Bitcoin is down by greater than 1% in the final 24 hours and is struggling to take care of its worth above the $21k resistance stage. Ether, the second-largest cryptocurrency by market cap, is down by greater than 3% today and will drop beneath the $1,500 resistance stage quickly.
EOS’s rally comes as the neighborhood continues to arrange for the cryptocurrency’s rebrand.
The EOSIO rebrand would additionally result in the fork of the EOS coin. According to the group, the EOS Network Foundation would quickly be answerable for the EOS blockchain.
Key ranges to observe
The EOS/USD 4-hour chart continues to be bullish regardless of the broader cryptocurrency market underperforming at the second. The technical indicators present that EOS is outperforming the broader crypto market at the second.
The MACD line stays above the impartial zone, indicating EOS’s bullish momentum at the second. 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 might surge previous the $1.585 resistance stage. In the occasion of prolonged bullish momentum, EOS might 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 would have an effect on EOS’s efficiency in the quick time period. If that occurs, EOS might drop beneath the $1.362 assist stage earlier than the finish of the day.
