EOS Price Prediction: Can the Native Token of the EOS Network Maintain Its Rally?

EOS, the native token of the open-source blockchain EOS Network, has seen its market cap soar to $1.74 billion, marking its highest level since November 2022.

The price of EOS, the native token of the open-source blockchain EOS Network, has surged to $1.12, marking a 165% increase over the past 30 days. This impressive rally has brought EOS’ market cap to $1.74 billion, making it one of the top 40 cryptocurrencies by market capitalization.

But what’s driving this EOS rally, and could it continue? Let’s take a closer look.

EOS price rallies 165% in 30 days

According to data from CoinGecko, the price of EOS began the year at $0.42 and has since experienced a gradual but steady increase. However, the pace of this ascent has accelerated significantly over the past month, with EOS now trading at more than double the price it was at the beginning of March.

This surge in demand for EOS has also seen its market cap soar to $1.74 billion, up from $650 million at the start of the year. Market cap is calculated by multiplying the price of a cryptocurrency by its circulating supply, which currently stands at 1.53 billion for EOS.

As the price of EOS has risen, so too has the open interest (OI) in EOS perpetual futures contracts on Binance, the world’s largest cryptocurrency exchange.OI is the total number of outstanding futures contracts that have not yet been settled. As you can see from the chart below, the OI for EOS perpetual futures has risen sharply in recent weeks, indicating a strong increase in buying pressure for the cryptocurrency.

When the OI increases, it means that more liquidity has entered the derivatives market, indicating an increase in buying pressure for the cryptocurrency. On the other hand, if the OI decreases, it means that traders are increasingly closing their positions.

From a price perspective, the surge in OI, alongside the increase in EOS price, suggests that the market value might continue to climb.

EOS price prediction: Higher levels on the table

A glance at the daily EOS/USD price chart reveals that the Awesome Oscillator (AO) reading is positive, indicated by the green histogram bars. The Awesome Oscillator is a momentum indicator that measures the strength of recent market movements relative to historical trends, helping traders identify potential shifts in market momentum.

When the reading is positive, it means that momentum is bullish. On the other hand, if the reading is negative, the momentum is bearish. In EOS case, the positive reading, which also shows a green histogram bar, indicates that momentum is bullish.

If this remains the case, we could see EOS price rise to $1.21 and eventually $2 in the short term. However, if selling pressure rises, this might not happen. Instead, we could see the EOS market cap drop, and the price could slide to $0.93.

The post EOS Price Surges 165% in 30 Days — Where Next for EOS Coin? appeared first on Coin Edition.