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The cryptocurrency market has began the week in a poor trend, however EOS is presently the finest performer amongst the high 100 cryptocurrencies by market cap.

EOS, the native token of the EOSIO ecosystem, is the finest performer amongst the high 100 cryptocurrencies by market cap. EOS is up by greater than 4% in the final 24 hours, outperforming the different main cash and tokens in the course of. 

The cryptocurrency market has misplaced greater than 2% of its worth today, leading to the whole market cap dropping under $1 trillion for the first time this month.

Bitcoin is down by greater than 1% in the final 24 hours and is struggling to keep up its worth above the $21k resistance degree. Ether, the second-largest cryptocurrency by market cap, is down by greater than 3% today and will drop under the $1,500 resistance degree quickly.

EOS’s rally comes as the group continues to arrange for the cryptocurrency’s rebrand. 

The EOSIO rebrand would additionally result in the fork of the EOS coin. According to the workforce, the EOS Network Foundation would quickly be answerable for the EOS blockchain. 

Key ranges to observe

The EOS/USD 4-hour chart continues to be bullish regardless of the broader cryptocurrency market underperforming at the second. The technical indicators present that EOS is outperforming the broader crypto market at the second.

The MACD line stays above the impartial zone, indicating EOS’s bullish momentum at the second. The 14-day relative power index of 57 exhibits that EOS may very well be heading in the direction of the overbought area if the rally might be sustained.

At press time, EOS is buying and selling at $1.480 per coin. If the constructive momentum is maintained, EOS might surge previous the $1.585 resistance degree. In the occasion of prolonged bullish momentum, EOS might surpass final week’s excessive of $1.671 over the subsequent few hours or days.

The bears are nonetheless in charge of the broader market, and that would have an effect on EOS’s efficiency in the brief time period. If that occurs, EOS might drop under the $1.362 assist degree earlier than the finish of the day.