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The EOS price has increased by a significant margin of 19% throughout the last 24 hours-the highest level in three months and currently perched at $0.8345 because the EOS Network Foundation (ENF) builds investor confidence by creating the Vaulta Banking Advisory Council-an important initiative that will help draw a line between traditional finance and Web3.
This price surge has now pushed the market cap of altcoin to $1.25 billion, as trading volume registers an eye-popping 52% growth, bringing the new figure to $624.75 million. But will the altcoin nurture this strength and breach the psych barrier of $1?
What Causes the Rise in EOS Price?
Vaulta Banking has been put at the forefront in the recent rise in the price. This new instrument seeks to make tokenization of real-world assets into Web3 and was launched last month. The team also constitutes a Vaulta Banking Advisory Council comprising experts in banking, fintech, and digital assets to ensure that whatever they do is credible in compliance with the necessary mainstream adoption.
This has led to:
There has been a 43% price increase during the past week.
The market sentiment is shifting as investors are speculating there may be a further rally of assets.
Altcoin futures registered an increase of 57% to $228.29 million in open interest as per Coinglass data.
A positive funding rate leads to an increase in long positions.
EOS Technical Analysis: What Next?
Bull Trend Breakout Signals Possible Rally
The altcoin itself has also emerged from a downward wedge pattern, in what is traditionally deemed a bullish reversal pattern after a long-term price decline. Confirming the breakout further are the moving averages, which currently place prices above their 50-day and 200-day means.
The asset is currently facing resistance at $0.85, with additional barriers at $0.92 and the crucial psychological level of $1.00. On the downside, support is holding firm at $0.75, with a stronger safety net at $0.70. The RSI stands at 78.40, signaling overbought conditions; however, the momentum remains bullish, indicating the potential for further upside.
The golden cross pattern on the 4-hour, where the 50-day SMA crosses the 200-day SMA, suggests that this trend may continue, and if purchasing momentum remains strong, EOS may soon reach the $1 mark.
Is EOS Going to Break $1 ?
The altcoin would have to:
Maintain prolonged bullish sentiment with Vaulta banking adoption.
Have institutional and retail demand for RWA tokenization.
Have a propitious macroeconomic environment that includes recovery in the overall crypto market.
The on-chain stats and derivatives data indicate willingness among traders to expect more upward offsets. But if the selling pressure builds around $0.85, the coin can be subject to a short space of time correction before continuing with its upward trend.
Is EOS Bullish or Bearish?
At present, among altcoins, the coin holds rank among top performers, given that it has strong fundamentals and technicals going for it. The Vaulta Banking firearms upgrade has secured altcoin a spot among the players to watch in the sector.
A breakdown below the $1 threshold could trigger a setup for a rally back to the $1.20 to $1.30 levels and may consolidate at the $0.75 to $0.80 range if momentum is lacking to sustain the price.
