Why is EOS Token Price Rising Today?

Key Takeaways:

• EOS price closed the previous day’s trade at $21,515 with a market capitalization of $1.51 billion and a circulating supply of 997.7 million
• The price maintained a notable upswing for a long time, but the recent spike of over 25% has induce notable bullish momentum that could withstand minor bearish pressures.
• Despite the present pullback, yet the EOS Token remains incremental and poised to hit the immediate resistance close to $1.8 & secure levels beyond $2 in coming days

Why EOS Token Price Going Up?

Rebranding & Hard Fork

The EOS chain was developed to compete against Ethereum & hence choose to build on the open source code created by Block.one(B1), to develop EOSIO. Most of the projects built here were not running on the EOS chain, deeply impacting the price negatively. Therefore, the EOS foundation(ENF) was formed and stopped the blockchain & payments to B1. 

As B1 failed to co-operate, the ENF announced its rebranding and will undergo a hard fork from EOSIO, transferring ownership from B1 to ENF. 

This week we are revealing the highly anticipated EOSIO rebrand, and next month, $EOS will activate its v3.1 consensus upgrade (hardfork).

🧵 Here’s what you need to know about #TheNewEOS. 🧵

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

EOS’s Yeild & Launch Program

EOS has launched an Yeild & incentive program which is designed to attract DeFi dApps which could generate yields for the dApp users. The registration for the program has began on August 14 and the rewards for Total Value Locked will begin on 28th August. 

🚀 The Yield+ Launch Is Imminent!

Designed to build economic activity on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.

August 14th — Registration opens
August 28th — Rewards for TVL begin

Get all the details here:
➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I

— EOS Network Foundation (@EosNFoundation) August 10, 2022

Launch of Antelope & Release of Upgraded Versions

Antelope is an open-source blockchain that runs on a community codebase using a delegated PoS consensus model. The chain replaces EOSIO which will enable the developers to build applications from decentralized finance (DeFi) or supply chain management for NFTs or games. 

We’re pleased to announce that Antelope, the next-gen blockchain protocol, is now available!@AntelopeIO replaces EOSIO and is a huge leap ahead for the entire crypto industry, enabling developers to build applications that would otherwise be impossible.https://t.co/eVDgMLKxTp https://t.co/CeYTo3HzFb

— Yves La Rose (@BigBeardSamurai) August 17, 2022

In a recent announcement, the upgrade to the project named ‘Mandel’s was released called the Leap v3.1 which intends to improve the transaction lifecycle and fix the related issues.  

Technicals Suggests Remarkable Upswing for EOS Price 

Source: Tradingview

• Much ahead of the recent price action, the EOS price has began within an ascending consolidation 
• The recent developments with the fundamentals has led the price high by nearly 23% and despite a minor pullback, the price could rebound well
• As the price is swinging within a rising broadening channel, the present price drop may also be flipped as it approaches the lower support
• The flip may led the price close to $2 resistance surpassing $1.8 by the end of August 2022. 
• Here the bulls are required to stand strong and slice through the resistance and rise high else the asset may face a rejection and continue trending within the channel

What is EOS

EOS is an blockchain platform that aims to empower industrial scale decentralized applications aiming to offer user-friendly & business-friendly tools to build dApps. The platforms intends to overcome the loopholes of the Ethereum network. 

Latest EOS Collaborations/ Project Upgrades/News

• EOS is expected to accomplish the hard fork and upgrade to EOS Network on September 21, 2022. 

On September 21, $EOS will undergo a hardfork to upgrade to the #EOS Network to the new codebase that the @EosNFoundation has been meticulously building towards.

This consensus upgrade severs all ties from @B1 and represents the official beginning of #TheNewEOS!

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

• EOS has recently released System Contracts v 3.1-RC2 and DUNE v1.0.0-RC2 to the new Antelope. Dune is a tool to abstract over Leap programs & other service tools. 

DUNE v1.0.0-RC2 has been released to our new @AntelopeIO Github repo!

Release Notes
👇👇https://t.co/dFDoRod8s4 pic.twitter.com/6DUwlTcFlq

— EOS Network Foundation (@EosNFoundation) August 19, 2022

EOS On Chain Metrics Analysis

The EOS price volatility had reached the highs but fell miserably post the May 2022 crash. However, the volatility has been on rise since mid-June which may induce significant bullish momentum within the asset. 

Source: Messari.io

• The EOS dominance had made a decent comeback and reach beyond 0.15%. However, the dominance has dropped currently, which is expected to regain soon.

Source: Messari.io

• After the price trend flipped into being bullish, the active address count received a notable push which was intensifed after the recent spike

Source: Messario.io

• During the recent rally when the EOS price surged more than 25%, the transaction volume also spiked to hit a 3-month high at $110 million.

EOS Price Prediction: Will EOS reach $2 This Month?

EOS price has been bullish for a long time, after undergoing a huge descending trend from almost a year. No doubt the upswing included a couple of bearish actions, yet the asset is expected to break through the consolidation very soon. 

Mainly due to the fact that the technicals remains in favour of bulls despite the price is having largely dominated by the bears. On the other hand, the diminished volatility could also impact the price to a larger extent. 

In the coming couple of weeks, the EOS price may undergo a slight pullback and retest the lower levels just below $1.5. Further, the bullsmay regain the strength and quickly rise beyond $1.7, closing the monthly trade around these levels ahead. 

Is EOS coin a good investment now?

The EOS Foundation recently has disclosed its upcoming plans and its appears to be extremely bullish for the asset. The upcoming hard fork in September is expected to induce significant bullish momentum and hence the EOS price may also surge heavily reaching new highs. Therefore, considering the upcoming price action, the EOS price may be a good investment for now. 

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