EOS moves to re-establish itself as its token reacts positively, details inside

• After its ICO saw it gather billions of USD, EOS fell off the chart.
• EOS is currently in a bull trend after a six-day consecutive uptrend.

The EOS blockchain was one of the most well-funded blockchain initiatives when it was launched. Despite this, it lost steam after the excitement and fell short of expectations.

It is making an effort to resurrect and establish itself, nonetheless. The performance of its native token, EOS, will be used to gauge its performance in this area.

Read EOS (EOS) Price Prediction 2023-24

The EOS rise, fall, and rise

EOS is a blockchain platform that offers decentralized apps (dApps) a highly adaptable and scalable foundation. The Delegated Proof of Stake (DPoS) consensus technique used by EOS enables more rapid and scalable transaction processing.

The project’s Initial Coin Offering (ICO) raised an astounding $4.1 billion thanks to the investors’ faith in it. Around a quarter of the total funds raised during the ICO boom of 2017–2018 were raised by EOS.

In 2021, the EOS community formally severed ties with the original developers and began a U-turn. The community has decided to fork the open-source codebase in 2022 and freeze the token vesting contract of the founding team in 2021, with the ENF taking the lead. The ENF hopes to bring in new users even though EOS must compensate for the lost time. 

According to Messari reports, the team hopes to accomplish this by introducing a new consensus mechanism, a decentralized EVM solution, and a revitalized approach to expansion.

According to a recent report by Messari, the blockchain is undertaking what could be called a rebranding.

But how has its native token, EOS, reacted to the recent developments?

EOS responds positively

EOS was down over 2% in value as of this writing and was trading at about $1.3.

Yet, before the current trading period, it had been in an upward trend for six days. The uptrend had increased its value by 18.25% over the previous week, according to a daily timeframe analysis.

Source: TradingView

The rise also caused EOS to enter and maintain a strong bull trend according to the Relative Strength Index (RSI). As of the time of writing, the RSI line was above the neutral line and was over 64, demonstrating how strong the current bull trend was. Also, the upward price movement has raised the possibility of a golden cross.

The short moving average (yellow line) was about to cross the long moving average (blue line). A golden cross will cause EOS’s price to move more positively.

Volume and dev activity sees improvements

The volume is ramping up again after a significant jump in February, followed by a downward trend. On the volume measure over the previous 24 hours, a few spikes showed more interaction with the asset and the network. The volume was more than 434 million as of this writing.

Source: Santiment

How much are 1,10,100 EOS worth today

Despite the price and volume upswing, the rate of EOS development activity has not accelerated much. Nonetheless, there were indications of the beginning of a potential rise, which represented an increase in commits.

At the time of writing, the dev activity metric stood at 2.33.

Source: Santiment