Cryptocurrency

EOS impresses investors on price chart, but here’s the major issue

The previous few days haven’t been the greatest for the cryptocurrency market. However, regardless of all the uncertainty looming over the cryptocurrency market, EOS has managed to face out. 

Over the previous week, the price has witnessed a 27% surge. However, the token did drop down by a minimal of 0.7% in the final 24 hours to trade fingers at $1.75 at press time. 

Some major causes behind the token’s price surge may be attributed to the hardfork introduced by the EOS staff. And, their ongoing DAO tiff with the funding agency, Block.one (B1) in addition to the upcoming EOS rebranding.

The full image

The technique 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. But ended up scamming the investors.

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 known as Bullish.

Thus, to entry the codebase and make mandatory enhancements, EOS deliberate for a hardfork. With the present hardfork and rebrand, the EOS group can transfer ahead with their initiatives.

Furthermore, with the hardfork deliberate for 21 September, investors and merchants are gearing as much as money in on the attainable bullish pattern which may be in the works.

One of the indicators of rising curiosity from the crypto group could possibly be the current spike in the quantity and market cap of the EOS token.

Source: Santiment

But 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. 

1661378017 951 EOS impresses investors on price chart but heres the major

Source: Santiment

All hail EOS

The information of the hardfork and the hype round it has began to affect the price as may be seen in the chart beneath. The price has been going on an upward trajectory since 19 August and has examined the 1.900 resistance line.

AT press time the Relative Strength Index (RSI) stood above the 60 mark. This implies that the momentum was on the patrons’ aspect. And, issues are wanting bullish for EOS in the close to future.

1661378019 316 EOS impresses investors on price chart but heres the major

Source: TradingView

Even although the future is wanting bullish for EOS, there could possibly be additional FUD as we method the hardfork date.

Traders 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.

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