EOS Price Poised for 20% Jump as Bullish Trends Emerge
The EOS cryptocurrency is showing notable signs of recovery just days after its official rebranding to Vaulta, with various bullish signals emerging across its charts.
EOS (EOS), now operating under the name Vaulta with the ticker symbol ‘A’, reached an intraday high of $0.85 on May 16 during the afternoon hours in Asia, breaking a 6-day downtrend that started on May 10. Since hitting lows in April, EOS has risen approximately 48%, boosting its market capitalization to around $1.27 billion as of this writing.
This surge is also driven by strong on-chain activity. According to DeFiLlama, the trading volume on decentralized exchanges based on EOS has seen an increase in the last week. In the past week, these DEXs have processed $102.49 million in token transactions, bringing the total for the past 30 days close to $280 million.
A significant factor behind this positive momentum is the favorable funding rate on perpetual futures, which has remained in positive territory for 8 consecutive days. A positive rate means long traders are compensating short traders, indicating bullish sentiment as demand for long positions rises.
Adding to this bullish narrative, World Liberty Financial (WLFI), a crypto fund associated with President Donald Trump, recently purchased 3.64 million EOS tokens for about $3 million at an average price of $0.824 each.
This acquisition marks WLFI’s first investment in EOS, showcasing a vote of confidence in the project’s shift to Vaulta.
EOS Aims for $1 Breakout
From a technical standpoint, the outlook remains promising. The 1-day EOS/USDT chart reveals a breakout from the upper range of a multi-week ascending broadening wedge, a formation typically viewed as bullish.
It appears poised to break out of a descending broadening wedge, and if confirmed, this could pave the way for further gains. EOS is currently trading above its 50-day moving average, and momentum indicators like the RSI are trending upwards.
Regarding the RSI, the Relative Strength Index currently sits at 58, suggesting that EOS still has room for movement before hitting overbought levels.
If the upward trend continues and EOS surpasses the $0.8770 resistance level, previously tested on April 3, it could lead to the next significant target of $1.00, a crucial psychological milestone. Sustained bullish momentum could even push it up to $1.50, which represents the token’s high from last December.
Moreover, early signs of a cup-and-handle pattern have attracted traders’ attention, indicating the potential for a substantial breakout.
Since Vaulta’s transition on May 14, community sentiment has shifted toward optimism, viewing the rebranding as a long-anticipated move toward real-world utility.
What is Vaulta?
Vaulta aims to revolutionize blockchain-based banking. It plans to offer programmable smart contracts and on-chain settlement layers designed to help banks and fintech firms launch scalable, cross-border services without necessitating extensive blockchain knowledge.
The Vaulta team has likened its vision to that of Stripe, the global payment processor, specifically tailored for the blockchain sector. The goal is to streamline the process for traditional financial institutions to tap into the potential of Web3.
Supporting this transition, leading exchanges such as Binance, KuCoin, MEXC, and HTX have already promised support for the rebranding and the 1:1 EOS-to-A token swap.
Disclosure: This article does not constitute investment advice. The content and materials presented on this page are solely for educational purposes.