The EOS price has defied gravity this week. It has jumped in the last six days even as Bitcoin and other altcoins dropped. It moved to a high of $0.8760, its highest level since January 9, up 95% from its lowest point in April. So, how high can the EOS token go?
Why is the EOS Price Surging?
EOS token is soaring because of the recently announced decision to transition to Vaulta, a blockchain that will primarily focus on blockchain banking and Real-World Asset (RWA) tokenization.
In this line, the EOS network will have four pillars: wealth management, consumer payments, portfolio management, and insurance. The developers hope this transition will help propel it into becoming one of the top players in the crypto industry.
The upgrade will happen in May, including the Spring 2.0 hard fork that will rebrand it to Vaulta. In line with this, the new Vaulta token will undergo a 1:1 swap.
The upcoming rebrand comes as the network attempts to stage a comeback following its past issues. The most important of these issues was its battle with Block One, which is known for raising $4 billion in 2017.
Block One established EOS as an independent chain to take on Ethereum and other layer-2 chains. However, after many funding issues, EOS moved ahead on its own and built the network from scratch.
Despite these efforts, EOS has yet to achieve its goals in the crypto industry. For example, its presence in the DeFi industry is relatively small, as data shows that it only has a few dApps with a total value locked (TVL) of $293 million. This makes it smaller than other newly launched networks like Base and Berachain.
Therefore, rebranding to Vaulta may prove successful. Recently, Fantom transitioned to Sonic, becoming one of the largest crypto chains.
READ MORE: Pi Network vs Bitcoin: One is a Much Better Coin to Buy Now
EOS Price Technical Analysis
EOS token chart | Source: TradingView
The daily chart shows that the EOS token price has bounced back in the past few days. It has risen from a low of $0.4400 in April to peak at $0.8760, its highest level since January 9.
The EOS price has moved to the 38.2% Fibonacci Retracement level. It has also risen above the 50-day and 200-day Exponential Moving Averages (EMAs). It also moved above the major S/R pivot point.
Therefore, the EOS price will likely continue rising as bulls target the key resistance levels at $1.1720, the ultimate resistance, which is about 40% above the current level. A drop below the support at $0.70 will invalidate the bullish view.
READ MORE: Shock Fed Warning Could Send Ethereum Price Crashing
