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EOS Price Surges 20% For Biggest Gain In 15 Months – What's Driving the Uptrend?

Published on

December 17, 2022
Read Time:3 Minute, 32 Second

EOS rose about 20% to $1.66 on Aug. 17 and was on monitor to publish its finest day by day efficiency since Might 2021.

Initially, the EOS rally adopted its optimistic correlation with top-tier cryptocurrencies like Bitcoin (BTC) and Ether (ETH), which gained over 2% and three.75%, respectively. However the upward motion has additionally been fueled by a flurry of uplifting updates from the EOS ecosystem.

EOS/USD day by day chart. Supply: TradingView

Launch of the EOS Incentive program

On August 14th, the EOS Community Basis (ENF), a non-profit group that oversees the expansion and improvement of the EOS blockchain, open Registrations for the upcoming incentive program Yield+.

The Yield+ is a liquidity incentive and rewards program to draw decentralized finance (DeFi) purposes that generate returns for his or her customers. By doing so, the service is attempting to compete with its primary blockchain rivals within the DeFi house, specifically Ether, Cardano (ADA) and Solana (SOL).

Complete Worth (TVL) has been locked inside EOS swimming pools since Yield+ registration started elevated from 94.71 EOS to 102.18 EOS, displaying a brief spike in demand for the tokens. The TVL is more likely to enhance within the days main as much as the August 28 bonus activation.

Yield+ launch is imminent!

Designed to construct financial exercise $EOS by incentivizing DeFi dApps that enhance TVL and generate income.

August 14 - Registration opens
August 28 - TVL rewards start

You may get all the small print right here:
➡️ ⬅️

— EOS Community Basis (@EosNFoundation) August 10, 2022

EOS exhausting fork in September

Moreover, EOS might be rebranded to EOSIO later this week, followed by a v3.1 consensus improve referred to as Mandel in September, in response to ENF CEO Yves La Rose.

The rebranding and improve serves as a symbolic separation of EOS from Block.One, the corporate that initially developed the community, 9 months after the EOS neighborhood determined to finish the issuance of 67 million EOS, or round $108 million due to it cease abuse.

La Rose famous that the improve can be through a Hard fork, meaning the new version (EOSIO) will not be backwards compatible with the original chain and will follow new consensus rules.

Renaming of EOSIO and hard forking #EOS is a obligatory a part of the comeback and marks the start of a brand new chapter: #TheNewEOS

Underneath the management of @EOSNFoundation, $EOS can lastly break by way of his glass ceiling and attain his full potential!

—Yves La Rose (@BigBeardSamurai) August 15, 2022

A tough fork additionally signifies that within the occasion of a potential chain break up, all current EOS holders will obtain the identical quantity of tokens on each chains. In concept, this might enhance EOS demand amongst speculators within the days main as much as the exhausting fork, as seen within the case of Ethereum.

Technicals level to extra upside potential

From a technical perspective, the worth of EOS sees an prolonged uptrend within the coming weeks

The primary key clue comes from a cup and deal with formation on the EOS day by day chart, confirmed by a U-shaped value motion adopted by a downward channel development. As a rule of technical evaluation, a cup-and-handle breakout ought to ship the worth up by the sample's most top.

EOS/USD day by day charge chart with cup and deal with breakout setup. Supply: TradingView

In consequence, the upside goal of EOS is near $2.45, up virtually 50% from the August 17 value.

Associated: Is Ethereum Actually the Greatest Blockchain to Kind a DAO?

Nonetheless, as a observe of warning, there's a threat that the breakout will lose momentum close to the EOS 200-day exponential transferring common (200-day EMA; the blue wave) at $1.79. Such a pullback might see EOS testing the 50-day EMA (the pink wave) at $1.21 as its subsequent draw back goal, virtually 25% beneath the present value.

The views and opinions expressed herein are solely these of the creator and don't essentially mirror the views of Each funding and buying and selling transfer entails threat, you must do your individual analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 17, 2022
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