EOS rallies over 20% ahead of official Vaulta rebranding

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com EOS rallied as much as 22% today, ahead of its official rebranding to Vaulta, with several bullish signals showing up on its charts.EOS (EOS) rose for the second straight day, reaching an intraday high of $0.84 on May 8, while its market cap crossed $1.2 billion at the time of writing. The surge came alongside a massive 285% spike in trading volume, with nearly $500 million worth of EOS traded in 24 hours.There are three main catalysts driving EOS crypto’s gains today.First, a lot of hype is building around EOS’s upcoming rebrand to Vaulta, which is officially set to happen on May 14, less than a week away. The project is pivoting toward blockchain-powered banking solutions, hoping to bridge traditional finance with decentralized tools.As part of this shift, the EOS token will be swapped 1:1 for the new Vaulta token, ticker “A”, according to details shared yesterday. The new token will inherit all the existing EOS tech, including its integration with exSat, Vaulta’s Bitcoin banking gateway, and can be swapped using the Vaulta Swap Portal or supported crypto exchanges.“Vaulta is not a fork or a reset. It’s the EOS network—reimagined and rebranded, fully compatible with all existing infrastructure and state history,” the team explained in a recent update. Another big driver is the attractive staking rewards being introduced. The Vaulta token will reportedly offer a staking yield of around 17%, funded by a 250 million token reward pool. That’s notably higher than the yields offered by larger blockchains such as Ethereum (ETH), which provides around 2.7%, or Solana (SOL), which offers about 5.4%, making it a more attractive option for those seeking passive income.Lastly, traders in the derivatives market are piling in. Data from CoinGlass shows open interest in EOS futures increased 45% in the past day, now topping $188 million. Meanwhile, the long/short ratio on Binance is above 1, signaling that more traders are betting that EOS will continue climbing in the short term.EOS price analysisLooking at the 4-hour EOS/USDT chart, EOS just broke out from the upper side of a multi-week ascending broadening wedge pattern, a bullish signal in technical analysis.EOS price, Aroon and CMF chart — May 8 | Source: crypto.newsThe Chaikin Money Flow has climbed to 0.16, showing stronger buying pressure. Meanwhile, the Aroon Up indicator is sitting at 85.7% and the Aroon Down is down at 35.71%, suggesting buyers are still in control.With this setup, EOS could be gearing up to retake the $1 psychological resistance level, a price it failed to break through during its run back in mid-January. That’s about 20% higher from where it’s trading right now.But market commentators are staying optimistic that the rally might go even further. Analyst CW thinks EOS could push up to $1.45 if it breaks through the next big sell wall sitting at $1.Another trader set their sights even higher, predicting a move toward $2.10 after EOS broke out of a symmetrical triangle pattern on the daily chart. According to them, this breakout confirms a larger trend shift in technical analysis, opening the door for more upside.At the time of writing, EOS was trading at around $0.833 per coin. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Source link