EOS rose roughly 20% to achieve $1.66 on August. 17 and it was on the right track to log its best daily performance since May 2021.
Initially, the EOS rally arrived the wake of their positive correlation with top-ranking cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), which acquired over 2% and three.75%, correspondingly. But the upside move seemed to be driven with a flurry of uplifting updates emerging in the EOS ecosystem.
EOS incentive program launch
On August. 14, the EOS Network Foundation (ENF), a not-for-profit organization that oversees the progression of the EOS blockchain, opened up registrations because of its approaching “Yield+” incentive program.
The Yield+ is really a liquidity incentive and reward program to draw in DeFi applications that generate returns for his or her users. By doing this, the service tries to contend with its top blockchain rivals within the DeFi space, namely Ethereum, Cardano (ADA), and Solana (SOL).
Forever of Yield+ registration, the entire value locked (TVL) within the EOS pools has elevated from 94.71 EOS to 102.18 EOS, showing a brief spike sought after for that tokens. The TVL will probably increase dads and moms prior to the reward activation on August. 28.
The Yield+ Launch Is Imminent!
Made to build business activities on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.
August 14th — Registration opens
August 28th — Rewards for TVL beginGet every detail here:
➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I— EOS Network Foundation (@EosNFoundation) August 10, 2022
EOS hard fork in September
Additionally, EOS will rebrand to EOSIO in a few days, adopted with a v3.1 consensus upgrade known as Mandel in September, based on Yves La Rose, the Chief executive officer of ENF.
The rebranding and upgrade function as EOS’s symbolic divorce from Block.One, the organization that initially designed the network, nine several weeks following the EOS community elected to prevent the issuance of 67 million EOS (~$108 million) into it on malpractice concerns.
La Rose noted the upgrade would occur using a hard fork, meaning that the latest version (EOSIO) won’t be backwards suitable for the initial chain and can follow new consensus rules.
Rebranding EOSIO and hardforking #EOS is essential for the comeback, to represent the beginning of a brand new chapter: #TheNewEOS
Underneath the leadership from the @EOSNFoundation, $EOS can finally break through its glass ceiling and achieve its full potential!
— Yves La Rose (@BigBeardSamurai) August 15, 2022
A tough fork does mean that in case of a potential chain split, all of the existing EOS holders will get the same quantity of tokens on chains. Theoretically, that may increase EOS demand among speculators dads and moms prior to hard fork as observed within the situation of Ethereum.
Technicals hint at more upside
Theoretically speaking, EOS’s cost eyes a long bull trend within the coming days
The very first major hint develops from a cup-and-handle formation around the EOS daily chart, confirmed with a U-formed cost trajectory adopted with a downward funnel trend. Usually of technical analysis, just one cup-and-handle breakout should send the cost greater up to the pattern’s maximum height.
Consequently, EOS’s upside target involves be near $2.45, up almost 50% from today’s cost
Related: Is Ethereum truly the best blockchain to create a DAO?
Nonetheless, as some caution, the breakout risks losing its momentum near EOS’s 200-day exponential moving average (200-day EMA nowhere wave) at $1.79. This type of pullback might have EOS test the 50-day EMA (the red wave) at $1.21 since it’s next downside target, almost 25% underneath the current cost.
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