EOS is Rallying. Why?
Mar 28, 2018, 9:50PM
EOS is one of the few cryptocurrencies to post a double-digit rally today. The asset has a good technical setup and may be benefiting from the controversy surrounding Brock Peirce and Last Week Tonight with John Oliver.
At a time when most digital assets are down or neutral, EOS - a coin with a market cap of around $4.82 billion - outperforms the market with a double-digit rally going into Wednesday. This move is a sign that the asset may be ending its three-month downward trajectory and staging a convincing recovery.
EOS currently trades around $6.40 against the USD, up from a recent low of $4.00. $4.00 marked a strong support level, and prices quickly rallied to resistance at $7.00 before finding support again around $5.50 - approximately 38% higher than the previous support level. These moves indicate a bullish technical pattern forming.
What is Behind this EOS Rally?
While the technical setup looks good for EOS, there may be more factors involved. Several weeks ago, EOS got some seriously bad press after a segment by John Oliver, the host of Last Week Tonight. Oliver mentioned sexual abuse lawsuits linked to Brock Pierce, a child star who was - at the time - heavily involved with the marketing and community of the EOS project.
The EOS team has since parted ways with Brock Pierce, removing him from much of its promotional material on YouTube. While the John Oliver segment pushed EOS to $4.00 it may have also given the asset mainstream attention. After all, John Oliver's program is hugely popular, and this rally may be the result of new investors who believe the accusations against Brock Peirce are unfounded and saw the resulting dip in EOS as a buying opportunity.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.
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