Why is EOS up by more than 30% in the last 24 hours?

The cryptocurrency market is turning things around today, and EOS is one of the best-performing cryptocurrencies among the top 50 coins.

EOS, the native coin of the EOSIO ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EOS has added more than 30% to its value in the last 24 hours.

The rally comes as EOSIO is set for a rebrand. The EOSIO is the blockchain, and it is set for a major rebrand. The rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain. 

The rally comes as the broader cryptocurrency market is recovering from the slump it suffered earlier this week. For the first time this week, the cryptocurrency market is trading in the green zone.

The market has added more than 1% to its value over the past 24 hours, with the total market cap now around $1.15 trillion.

Bitcoin is still trading above $24k per coin, while Ether has surged past the $1,900 mark again after adding more than 2% to its value in the last 24 hours.

Key levels to watch

The EOS/USD 4-hour chart is one of the most bullish charts amongst the top 100 cryptocurrencies by market cap.

The MACD line is deep within the positive zone, indicating that EOS is experiencing a bullish momentum at the moment.

The 14-day RSI of 81 shows that EOS is currently in the overbought region after rallying by more than 40% over the past seven days.

At press time, EOS is trading at $1.620 per coin. If the rally continues, EOS could trade above the $2.059 resistance point for the first time since May.

However, EOS could need the support of the broader crypto market to make a move past the $2.488 resistance level over the next few days.