During the weekend, EOS (EOS) rallied more than 16%. The upside action came in continuation of a strong bounce back from the 1.546-fiat level on Friday. The combination of Friday and weekend price actions marked a circa 40% rally for EOS, during which market cap added over $400 million in profits.
EOS/USD rate is hinting a correction action, however. The pair established a higher high during its uptrend towards 2.192-fiat, following which it underwent a sharp pullback. Nevertheless, the stumble is well within the range of the technicals. It could, therefore, go ahead for a reversal action, to continue its uptrend further.
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EOS was also given a boost recently when the cryptocurrency was decided to be one of the coins listed on Coinbase. The world’s largest cryptocurrency exchange announced:
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
Overall, the weekend’s move bucks the trend for a coin that had its investors’ confidence shaken at the start of the month. CTO of the EOS project, Dan Larimer, triggered a round of confusion among coin holders when he announced plans to embark upon a new blockchain project – one which was feared would draw time and resources away from EOS.
The loss of value for the reigning king of the ICO was so out of sync with the rest of the market that at one point there was a 55% price swing between EOS, and one of the other blockchains aiming to become the ‘Ethereum killer’, TRON (TRX).