EOS impresses investors on price chart, but here’s the major issue

The last few days haven’t been the best for the cryptocurrency market. However, despite all the uncertainty looming over the cryptocurrency market, EOS has managed to stand out. 

Over the past week, the price has witnessed a 27% surge. However, the token did drop down by a minimum of 0.7% in the last 24 hours to exchange hands at $1.75 at press time. 

Some major reasons behind the token’s price surge can be attributed to the hardfork announced by the EOS team. And, their ongoing DAO tiff with the investment firm, Block.one (B1) besides the upcoming EOS rebranding.

The full picture

The process of rebuilding EOS began in 2021 when in an unprecedented event, the EOS community went head to head against investment firm B1.

B1 had raised over $4 billion and promised to use that money to develop EOS. But ended up scamming the investors.

B1 eventually decided to settle with EOS, however, the latter still needed access to the codebase. The codebase and its IPO were owned by a company called Bullish

Thus, to access the codebase and make necessary improvements, EOS planned for a hardfork. With the current hardfork and rebrand, the EOS community can move forward with their projects.

Furthermore, with the hardfork planned for 21 September, investors and traders are gearing up to cash in on the possible bullish trend that may be in the works.

One of the signs of rising interest from the crypto community could be the recent spike in the volume and market cap of the EOS token.

Source: Santiment

But the good news doesn’t just end there, EOS is getting traction on various social media platforms, with a high positive sentiment for the EOS token. 

Source: Santiment

All hail EOS

The news of the hardfork and the hype around it has started to impact the price as can be seen in the chart below. The price has been going on an upward trajectory since 19 August and has tested the 1.900 resistance line.

AT press time the Relative Strength Index (RSI) stood above the 60 mark. This implies that the momentum was on the buyers’ side. And, things are looking bullish for EOS in the near future.

Source: TradingView

Even though the future is looking bullish for EOS, there could be further FUD as we approach the hardfork date.

Traders are advised to stay cautious and to keep themselves updated on any other news that may have an impact on the EOS token’s future.