EOS’s Recent Price Surge
On August 17, EOS’s value jumped around 20% to hit $1.66, marking its best daily performance since May 2021. Who said crypto doesn’t know how to party? This rally coincided with its buddies, Bitcoin and Ether, also enjoying a nice day in the park, gaining around 2% and 3.75% respectively. A classic case of the crypto crew supporting each other, one might say!
Yield+ Incentive Program Launch
What sparked this sudden popularity? On August 14, the EOS Network Foundation (ENF) announced the launch of its Yield+ incentive program to enhance liquidity and attract those fancy decentralized finance (DeFi) applications. It’s like throwing a big party and inviting all the cool kids—Cardano and Solana, watch out!
- Registration Opened: August 14
- Rewards Start: August 28
Since announcing the Yield+, the total value locked (TVL) within EOS pools witnessed a jump, going from 94.71 EOS to 102.18 EOS. Looks like everyone’s getting in on this liquidity action!
Upcoming hard fork and Rebranding
Hold onto your hats, folks! In a dramatic twist, EOS is set to rebrand itself as EOSIO and roll out a v3.1 consensus upgrade, fondly named Mandel, this September. This evolution marks the project’s breakaway from Block.One, the original creators. Think of it as EOS’s coming-of-age moment, shedding its past for a fresh future while forging a new consensus—literally!
The upgrade means existing EOS holders will receive tokens on both chains if a hard fork occurs. So, if you’re holding on to EOS, you might want to tighten your seatbelt—there could be a wild ride ahead!
Technical Analysis: What Lies Ahead
From a technical viewpoint, EOS seems poised for an extended bull trend, thanks to a cup-and-handle formation on its daily chart. If you’re not familiar with technical jargon, think of it like preparing for a fiesta that everyone can’t wait to join!
Should this breakout go according to plan, EOS’s price may target nearly $2.45, almost a 50% increase from the August 17 price. Party on!
A Note of Caution
However, all party vibes come with a side of caution. The breakout might not maintain its momentum past the 200-day EMA mark of $1.79, leaving the potential for some backtracking towards the 50-day EMA near $1.21. So, keep your eyes peeled, a savvy investor always has backup plans!
“Every investment and trading move involves risk; do your own research before diving headlong into any crypto adventures!”
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