Today, EOS surged by as much as 23% ahead of its significant rebranding to Vaulta, fueled by several bullish patterns emerging on its charts.
For the third consecutive day, the price of EOS (EOS) soared, reaching an intraday high of $0.707 on April 1, as its market capitalization surpassed $1 billion at the time of writing. This price jump was accompanied by a staggering 87% rise in trading volume, with $371.6 million changing hands among traders.
There are three primary factors contributing to the gains in EOS today.
To start, there is considerable excitement surrounding EOS’s imminent rebranding to Vaulta, which is anticipated to launch by the end of May 2025. The project is pivoting towards blockchain-based banking solutions.
As part of this rebranding, the EOS token will evolve into Vaulta, with a new ticker expected to be unveiled later this month. The new token will inherit all of EOS’s foundational technology, including its integration with exSat, the Bitcoin banking solutions.
Secondly, the new Vaulta token is set to offer a staking yield of approximately 17%, supported by a reward pool of around 250 million tokens, significantly outperforming major competitors like Ethereum (ETH) and Solana (SOL), which have yields of 2.03% and 5.14%, respectively.
Lastly, traders in the derivatives market are clearly optimistic about EOS’s upward trajectory. Data indicates that open interest in EOS futures has surged more than 30%, reaching an 11-month high of $144.14 million. Additionally, the funding rate has turned positive, suggesting a growing number of traders are betting on short-term gains.
Technical analysts are taking note, as they believe the rally might just be beginning.
One expert highlighted that EOS has successfully breached a significant sell wall at $0.65 and is now targeting the $1 mark, a key psychological and technical level the altcoin hasn’t attained since mid-December of the previous year.
Another analyst agreed with this price target, emphasizing that EOS retains ample momentum for a potential continuation of the current rally.
Technical Analysis of EOS
From a technical viewpoint, indicators are aligning favorably for bullish investors.
On the 1-day/USDT price chart, EOS recently broke free from a long-standing descending wedge pattern, which is typically viewed as a bullish reversal signal following an extended downtrend.
This breakout occurred around the $0.45–$0.50 range, which had previously functioned as a strong support level. Currently, EOS is trading above $0.67 and appears on track towards the next significant resistance near $1.
The Supertrend indicator has shifted to a bullish position, moving below the price and indicating green signals, which suggests a possible trend change in favor of buyers.
Furthermore, the Aroon Up indicator is at 100%, while the Aroon Down sits at 0%, illustrating that buying pressure is currently overpowering any selling activity.
On the 4-hour chart, EOS also formed a golden cross on March 25, with the 50-day moving average crossing above the 200-day SMA. This pattern still stands and could pave the way for a prolonged upward movement, with $1 as the next potential target.
Note: This article does not constitute investment advice. The content provided here is intended for educational purposes only.