- EOS price has been in a strong bullish trend in the past few weeks.
- This rally is because of the ongoing transition to Antelope.
EOS price has held quite steady in the past few weeks as investors cheer the ongoing transition of the platform. The token’s price jumped to a high of $1.6387, which is more than double its lowest level in August. Its total market cap has jumped to more than $1.6 billion, making it the 36th biggest coin in the world.
Will the new EOS succeed?
EOS is a leading blockchain project that is governed by the EOS Network Foundation (ENF). ENF was launched by Block, the company backed by Peter Thiel, one of the richest people in the US. In 2017, Block made history by raising over $4 billion in the biggest Initial Coin Offering (ICO) in the world.
EOS Foundation has had a difficult time with Block. For years, the foundation has accused Block of not providing it with the required financial resources to develop EOSIO. In 2021, the head of the ENF Foundation said that the product had become a failure.
EOS failure in the blockchain industry is well-known. For example, while the network has been around for years, it is hard to find developers who have embraced it. A quick look at DeFi Llama shows that EOS has a total value locked (TVL) of just $142 million. Of this, EOS REX has a market dominance of 60.90%.
Learn more about how to buy EOS.
Similarly, a look at CryptoSlam shows that EOS has a minuscule market share in the NFT industry. Therefore, EOS price has risen after the EOS Foundation voted to separate from Block and form an independent chain.
The new chain, which will be known as Antelope, will be supported by Telos, WAX, and UX Network. Antelope will use a Delegated Proof-of-Stake (DPoS) consensus model where users can bote and delegate delegates to validate blocks. EOS price has risen as investors buy the enthusiasm of the Antelope launch.
EOS price forecast
The four-hour chart shows that EOS price has been in a bullish trend in the past few weeks. Along the way, the coin has formed what looks like a cup and handle pattern. In price action, analysts believe that this is usually a bullish sign. Indeed, the coin is now in the handle part of the coin,
EOS has moved above the 25-day and 50-day moving averages while the Money Flow Index (MFI) has been in a downward trend. Therefore, there is a likelihood that EOS will keep rising as bulls target the next key resistance level at $2.5, which is about 50% above the current level.
