EOS Price Gains 100% Within Past 3 Days - Trend Explained.
2021-05-07 | Eddy Morgan
The EOS price is in double digits for
the primary time since mid-2018 after a parabolic advance that began earlier in March.
In line with data from Coingecko, the 20th-ranked crypto by
market capitalization is presently trading over
$11.50 USD, delivering
on the brink of 100% gains over the past 3-days.
Primarily,
the present EOS upward advance
is happening at the intersection of two unique price trends. On the one hand, the EOS/Tether [USDT] trading pair is at
the highest of the range for 2021 while the token price against Bitcoin [
BTC] fell to its lowest level three years back in earlier March.
As of the time of reporting, the EOS/BTC price action chart has broken an almost three-year downtrend signaling
the likelihood for significant upward movement.
Secondly, with Bitcoin dominance continuing
to slip amid massive altcoin gains, the market cycle appears
to possess large-cap tokens on the ascendency. Indeed, leading altcoins like Bitcoin Cash [BCH], Ethereum Classic [ETC], Chainlink [LINK], and Polkadot [DOT] have experienced rapid price surges.
These altcoin gains
are further boosted by Ethereum [
ETH] setting new all-time highs.
EOS is following
alongside the pattern, gaining enough momentum
to point out significant price action strength against Bitcoin. As of the time of reporting, the EOS/BTC trading pair is up 76%
within the last 24-hour trading period.
A third likely explanation for the EOS breakout
is often attributed to the recent staking rewards announcement. As reported earlier, the EOS community is considering a proposal
to extend staking rewards.
The recommendation for increasing the staking reward has supported
a report commissioned by Block.one. The proposal
might be subsequent major development on the EOS network after the PowerUp model
that permits users to pay a one-time transaction fee
for twenty-four hours.
Leave a comment
Your email address will not be published. Required fields are marked *
