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The cryptocurrency market has began the week in a poor vogue, however EOS is at present one of the best performer amongst the highest 100 cryptocurrencies by market cap.
EOS, the native token of the EOSIO ecosystem, is one of the best performer amongst the highest 100 cryptocurrencies by market cap. EOS is up by greater than 4% within the final 24 hours, outperforming the opposite main cash and tokens within the course of.
The cryptocurrency market has misplaced greater than 2% of its worth immediately, ensuing within the complete market cap dropping beneath $1 trillion for the primary time this month.
Bitcoin is down by greater than 1% within the final 24 hours and is struggling to take care of its worth above the $21k resistance degree. Ether, the second-largest cryptocurrency by market cap, is down by greater than 3% immediately and will drop beneath the $1,500 resistance degree quickly.
EOS’s rally comes because the group continues to organize for the cryptocurrency’s rebrand.
The EOSIO rebrand would additionally result in the fork of the EOS coin. Based on the group, the EOS Community Basis 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 for the time being. The technical indicators present that EOS is outperforming the broader crypto market for the time being.
The MACD line stays above the impartial zone, indicating EOS’s bullish momentum for the time being. The 14-day relative energy index of 57 reveals that EOS may very well be heading in the direction of the overbought area if the rally might be sustained.
At press time, EOS is buying and selling at $1.480 per coin. If the constructive momentum is maintained, EOS may surge previous the $1.585 resistance degree. Within the occasion of prolonged bullish momentum, EOS may surpass final week’s excessive of $1.671 over the following few hours or days.
The bears are nonetheless in command of the broader market, and that might have an effect on EOS’s efficiency within the brief time period. If that occurs, EOS may drop beneath the $1.362 assist degree earlier than the tip of the day.
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