Great Preparation for Altcoin, which is on the agenda again with its rise!
The past few days have not been good for the cryptocurrency Altcoin markets. However, despite all the uncertainty on the cryptocurrency markets, one of the important altcoins, EOS , has managed to stand out with its rise.
EOS in a Wider Perspective
EOS recorded a significant rise last week, increasing its price close to 30 percent. However, the altcoin is down 1.43 percent in the last 24 hours and is trading at $1.71 at the time of writing.
The update announced by the EOS team and the rebranding of EOS, as well as the ongoing DAO dispute with investment firm Block.one (B1), can be cited as the major reasons behind the rise in the altcoin’s price. The process of rebuilding EOS began in 2021, an unprecedented event where the EOS community faced off against investment firm B1. B1 raised over $4 billion and promised to use that money to develop EOS, but failed to deliver on his promise by defrauding investors.
B1 has finally decided to deal with EOS, but the latter still needs access to the codebase. The codebase and IPO was undertaken by a company called Bullish. Therefore, EOS has planned a major update to access the code base and make the necessary improvements. With the current update and rebranding, the EOS community is making plans to move their projects forward.
Also, with the update scheduled for September 21, investors and traders are getting ready to evaluate the possible uptrend. The recent increase in volume and market cap of EOS can be cited as one of the signs of growing interest in the cryptocurrency community .
The good news for altcoin does not end there. A high positive sentiment for the altcoin is causing EOS to gain a lot of attention on various social media platforms.
EOS Price Chart
As can be seen from the chart below, the news of the update and the hype surrounding the update have started to affect the price to a large extent. EOS price has been following an uptrend since August 19 and tested the ascending trendline at $1.90.
At the time of writing, the altcoin’s Relative Strength Index (RSI) was above the 60 level. This means that the momentum is in favor of buyers and suggests that EOS’s upside may continue to harden in the near future.
Although everything is positive for EOS in the short term, more FUD streams could be seen as the update date approaches. This can result in the price falling as well as rising. We advise investors to be cautious and carefully follow developments and news that may have an impact on the future of EOS.