EOS price jumped and crossed an important resistance level as Bitcoin and most altcoins rebounded.
eos (Eos) rose above the psychological level of $1 for the first time in almost two weeks. It has risen more than 45% from this month's low.
This bounce happened like a grid Decentralized finance The ecosystem has continued to perform well. according to Davey's callThe total value locked rose to $250 million, the highest level since December 8. Major decentralized applications such as EOS Rex, PayCash, and DefiBox have contributed to this growth.
This progress came a year after developers implemented the Spring 1.0 hard fork, which introduced transaction finality for one second. The network also revamped its tokens by capping the supply at 2.1 billion and boosting staking rewards.
EOS also launched the ex-Sat network, a Bitcoin scaling project that has attracted millions of dollars in assets.
EOS has also benefited from its continuation partnership With Binance. This collaboration includes a $10,000 giveaway to lucky winners who complete tasks on Binance Square. Cryptocurrency prices often see positive movement during such promotional events.
Meanwhile, the demand for the EOS token on the futures market is on the rise. According to CoinGlass, open interest rose to $167 million, its highest level since early December. Most of this interest has originated from exchanges like Binance, Bybit, and OKX.
EOS Price Analysis: Can it retest its all-time high?
The EOS network token peaked at around $15 in 2021 during the cryptocurrency boom. However, it later lost most of these gains as the broader cryptocurrency market declined and disputes between the EOS Foundation and Block escalated. It bottomed at $0.4700 in 2023, where it has remained for a long time since then.
The currency has formed a cup and handle pattern, which is a popular bullish continuation indicator. Its final depression represents the handle section of the pattern. EOS also moved above its 50-week EMA.
Therefore, EOS price is likely to see a strong bullish breakout in the next few days, with the initial target being the upper side of the cup at $1.3423. A break above this level could send EOS rising to $6.43, its highest level in 2021 if the ecosystem continues to grow.
However, it is too early to predict whether EOS will rebound and reach its all-time high of $15. The token would need to rise by 1,400% from the current level.
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