Why is EOS performing positively in the middle of a bear run?
The cryptocurrency market has started the week in a poor fashion, but EOS is currently the best performer amongst the top 100 cryptocurrencies by market cap.
EOS, the native token of the EOSIO ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. EOS is up by more than 4% in the last 24 hours, outperforming the other major coins and tokens in the process.
The cryptocurrency market has lost more than 2% of its value today, resulting in the total market cap dropping below $1 trillion for the first time this month.
Bitcoin is down by more than 1% in the last 24 hours and is struggling to maintain its price above the $21k resistance level. Ether, the second-largest cryptocurrency by market cap, is down by more than 3% today and could drop below the $1,500 resistance level soon.
EOS’s rally comes as the community continues to prepare for the cryptocurrency’s rebrand.
The EOSIO rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain.
Key levels to watch
The EOS/USD 4-hour chart continues to be bullish despite the broader cryptocurrency market underperforming at the moment. The technical indicators show that EOS is outperforming the broader crypto market at the moment.
The MACD line remains above the neutral zone, indicating EOS’s bullish momentum at the moment. The 14-day relative strength index of 57 shows that EOS could be heading towards the overbought region if the rally can be sustained.
At press time, EOS is trading at $1.480 per coin. If the positive momentum is maintained, EOS could surge past the $1.585 resistance level. In the event of extended bullish momentum, EOS could surpass last week’s high of $1.671 over the next few hours or days.
The bears are still in control of the broader market, and that could affect EOS’s performance in the short term. If that happens, EOS could drop below the $1.362 support level before the end of the day.
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