EOS price went parabolic on Wednesday, becoming the best performing big-cap cryptocurrency. The coin jumped to a high of $1.66, which was the highest point since May 10 of this year. It has risen by more than 92% from its lowest level this year, bringing its total market cap to over $1.6 billion.
EOS rebrand and hard fork
EOS is one of the top fallen angels in the cryptocurrency industry. It is a blockchain project that emerged from the biggest Initial Coin Offering (ICO) on record. Block.one raised over $4 billion from investors as it promised to revolutionize the industry.
At the time, Block also established the EOS Foundation to oversee the development of the platform. Years after its launch, EOSIO has not been successful in attracting developers in its ecosystem. Data compiled by DeFi Llama shows that the platform has a total value locked of about $136 million. EOS REX has a dominance of over 62%.
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At the same time, EOS has a minuscule market share in other industries like gaming, metaverse, and non-fungible tokens (NFT). It has even been overtaken by relatively new blockchains like Solana, Avalanche, and Cronos.
It is against this backdrop that the developers announced plans to revamp the network. In a recent statement, Yves La Rose, the CEO of EOS Foundation, said that rebranding and hardforking EOS was a necessary step. This rebrand will happen on Wednesday and usher in a new chapter in the platform’s history.
Therefore, the EOS price rose as investors wait for this rebrand and hard fork. Still, in the long-term, there are concerns about the network and whether it will be able attract more developers and users.
EOS price prediction
The four-hour chart shows that the EOS price has been in a slow upward trend in the past few weeks. It has managed to move above the important resistance point at $1.072, which was the highest point on July 7. At the same time, it has risen above the 25-day and 50-day moving averages.
The MACD indicator has moved above the neutral point. Therefore, in my view, I suspect that the coin will keep rising and retest the important resistance point at $1.848. It will then resume the downward trend as investors sell the fact.
