EOS Price Surges 20% as the Coin Swaps to Vaulta

The EOS price paced the crypto market with a 20% rally in the past 24 hours.

The crypto market has seen mixed movements in the past 24 hours, with some major coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) experiencing slight declines, while others like EOS (CRYPTO: EOS) showing substantial gains. Among the top 20 coins by market capitalization, EOS has paced the market with a 20% rally.

The rally began after the team announced on X (formerly Twitter) that EOS would swap to A on May 14, following the rebrand to Vaulta. The coin swap is the final step in EOS’s rebrand to Vaulta, which was announced in March and positively affected its price.

With that in mind, let’s examine the charts and see how long the upward movement will continue.

EOS Breaks Out

The EOS price has been increasing since March 11, breaking from a descending resistance trend line ten days later.

The trend line existed for over four months, so the breakout signifies that the correction is over.

Since the breakout, EOS’s price has followed an ascending support trend line, recently bouncing on May 6 (green icon).

The bounce reclaimed the $0.80 resistance, a critical area that caused a fakeout (black circle) at the start of April.

If the ongoing breakout holds, the next resistance will be $1.

Technical indicators are cautiously bullish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing but are above their previous peaks.

What’s worrisome is that they are almost sure to generate bearish divergences if the EOS price reaches new highs.

EOS Price to $1

The wave count suggests the long-term EOS trend is bearish since the price has completed a five-wave downward movement (red).

The breakout from the descending resistance trend line confirms that the five-wave decline is over.

However, it also gives a short-term bullish EOS price prediction, suggesting the coin is in wave C of an A-B-C structure (green).

If the count is accurate, wave C will take the EOS price to $1, reaching the 0.5 Fibonacci retracement resistance level.

As predicted in March, wave A ended at the 0.382 Fibonacci resistance, so it makes sense for wave C to end at the 0.5 one.

The proposed target also gives waves A and C the same length, which is common in these structures.

Afterward, the long-term downward movement of EOS could continue.

Momentum Intact

The EOS price shows decisive bullish signs by breaking out from a descending resistance trend line.

The price regained its footing despite failing to reach $1 on the first try and is making another breakout attempt.

While the wave count indicates it will be successful, it also suggests the long-term EOS trend is still bearish.