The EOS token is surging this week, possibly on the back of positive news flow.
Having clocked a two-week high of $7.34 earlier today, the token is now switching mitts at $6.68 – up 7.7 procent for the last 24 hours, spil vanaf CoinMarketCap. Notably, EOS is also up 70 procent from the low of $Three.95 seen on Sunday. The token now ranks seventh on the list of the top cryptocurrencies by market capitalization.
It is worth noting that EOS is the only cryptocurrency reporting gains overheen the last day. Bitcoin (BTC), is down Four procent on a 24-hour ondergrond. Coins like ether, XRP and cardano are down 6–9 procent.
The positive price deeds may be driven by snaak venture news and rumors of exchange listings, according to online discussions.
Block.one, the developer behind the leading blockchain software EOS.io, yesterday announced a $100 million snaak venture with German fintech incubator FinLab AG to develop projects that use the EOS blockchain. Further, talk is flying around that EOS will be listed on Upbit – one of the fattest cryptocurrency exchange te South Korea.
And, last but not least, trading volume has risen by a staggering 189 procent since March Eighteen, signaling the cryptocurrency will likely proceed gaining altitude ter the near future.
The technical charts, too, are largely positive, and indicate that EOS may be looking at a bullish trend reversal soon.
The above chart (prices spil vanaf Bitfinex) shows:
- EOS is fighting to hit the falling channel hurdle.
- The 5-day moving media (Moeder) and the 10-day Moe are trending north, indicating short-term bullish setup.
- The 50-day Moeder and 100-day Moe bearish crossover favors the bears.
- A minor pullback to $Five.50 is likely, given the intraday overbought conditions.
- A persuading upside pauze of the falling channel would signal a bearish-to-bullish trend switch and negate the bearish 50-day Moe and 100-day Mama crossover. Te this screenplay, EOS will likely test the instantaneous resistance located at $12.50 (Dec. Nineteen high).
- Only a daily close (spil vanaf UTC) below $Five.16 (March 9 low) would abort the bullish vie and open doors for a re-test of $$Three.87 (March Eighteen low).
The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests ter cryptocurrencies and blockchain startups.