Trusted

Eos (EOS) Hits 30-Day High, Fueled by Dovish Fed and Rebrand Momentum

2 mins
Updated by Ann Maria Shibu
Join our Trading Community on Telegram

In Brief

  • EOS surged 19%, hitting a 30-day high, driven by a dovish Fed and a major rebrand to "A" with a 1:1 token swap.
  • EOS recorded $3.49 million in spot inflows, its highest since December, signaling increased demand and bullish sentiment.
  • Institutional interest in EOS is rising, with its Smart Money Index hitting a 5-month high, suggesting potential for continued price gains.
  • promo

EOS is leading the crypto market today. Its price is up 19% over the past 24 hours and currently trades at its highest price in 30 days. 

The surge follows two major catalysts: a dovish signal from the US Federal Reserve and the announcement of EOS’s rebrand to A, marking a new chapter for the project.

EOS Soars on Vaulta’s Rebrand Announcement

On Wednesday, Vaulta announced that EOS will officially rebrand to A, introducing a 1:1 token swap as part of the project’s transformation. The news sparked renewed investor interest, evident in the sharp spike in EOS spot inflows recorded on Wednesday.

According to Coinglass, this totaled $3.49 million and represented the coin’s single-day highest spot inflow since December 3. 

EOS Spot Inflow/Outflow.
EOS Spot Inflow/Outflow. Source: Coinglass

A surge in spot inflows like this means more investors are buying the asset on regular (non-derivative) markets, signaling increased demand and bullish sentiment. Although the price hike has prompted a net outflow of $195,290 from the EOS spot markets today as traders lock in profits, the token’s rising daily trading volume indicates that significant buying activity is still underway.  

As of this writing, EOS’s daily trading volume sits above $480 million, rocketing by 270% today.

When an asset’s price and trading volume increase simultaneously, it mirrors a strong bullish presence in the market. This trend reflects heightened investor interest in EOS and can lead to further price appreciation and increased market activity.

Moreover, smart money indicators reveal that institutional accumulation is on the rise. On the daily chart, EOS’ Smart Money Index (SMI) has surged to a five-month high of -11.86.

EOS SMI.
EOS SMI. Source: TradingView

An asset’s SMI tracks the activity of institutional investors by analyzing market behavior during the first and last hours of trading. When it drops, it signals reduced confidence from these investors, pointing to expectations of price declines. 

Conversely, as with EOS, when it rises, these investors increase their buying activity, signaling growing confidence in the asset. This points to the likelihood of an extended rally. 

Can EOS Flip $0.85 Resistance to Fuel Surge to $0.98?

At press time, EOS trades at $0.83, resting below a key resistance level formed at $0.85. If bullish pressures persist and this zone flips into a support floor, it could propel the EOS token price to $0.98, a high it last reached on January 18.

EOS Price Analysis.
EOS Price Analysis. Source: TradingView

However, an uptick in profit-taking could cause EOS to lose its recent gains and plunge to $0.67. 

Best crypto platforms in Europe
eToro eToro Explore
YouHodler YouHodler Explore
Wirex Wirex Explore
Arkham Arkham Explore
Best crypto platforms in Europe
eToro eToro Explore
YouHodler YouHodler Explore
Wirex Wirex Explore
Arkham Arkham Explore
Best crypto platforms in Europe
eToro eToro
YouHodler YouHodler
Wirex Wirex
NEXO NEXO
Arkham Arkham

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Untitled-1.png
Abiodun Oladokun
Abiodun Oladokun is a Technical and On-Chain Analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment...
READ FULL BIO
Sponsored
Sponsored