EOS Foundation Announces Restructuring, EOS Price Could Give Bullish Breakout

EOS Foundation Announces Restructuring, EOS Price Could Give Bullish Breakout

UTC by Bhushan Akolkar · 3 min read
EOS Foundation Announces Restructuring, EOS Price Could Give Bullish Breakout
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The restructuring of the EOS Foundation focuses on enhancing their operational efficiencies and reaching core objectives.

In a recent development, the EOS Network Foundation (ENF) has undergone a significant restructuring to enhance its operational efficiency and adapt to evolving market dynamics. This strategic realignment aims at sharpening the focus on core objectives while ensuring the continued success of EOS in the ever-changing landscape of the crypto world.

While the restructuring has resulted in adjustments to various roles and initiatives within the organization, it is crucial to highlight that core engineering efforts related to the EOS protocol and EOS EVM will remain a top priority. These essential components will continue to receive the necessary attention and resources to not only sustain but also thrive in the future.

CEO of EOS Foundation, Yves La Rose updated regarding the new restructuring of the EOS Network Foundation (ENF).

Analysts Bullish on EOS Price Action

Today, EOS is exhibiting a 2.25% price increase, bringing it to a current trading value of $0.6001. Over the past two months, the EOS price has been trading within a 15% range, signifying an accumulation phase. However, as of now, a definitive trend has not emerged.

The market is witnessing a fierce battle between bulls and bears, with neither side dominating the price direction. Recently, EOS’s price experienced a bounce from the lower boundary of the accumulation range and is now testing resistance levels.

EOS Foundation Announces Restructuring, EOS Price Could Give Bullish Breakout

In terms of technical indicators, EOS has managed to surpass the 50-day Exponential Moving Average (EMA) but remains within the established range. A potential price surge may be on the horizon once it breaks free from this range. Currently, EOS’s price is confined within a range, with support at $0.51 and resistance at $0.59.

Analyzing trading volume, the past 24 hours saw EOS’s trading volume amount to $119.9 million, marking an 11.80% decrease compared to the previous day. EOS holds a market capitalization of $667.95 million, securing its position as the 60th largest cryptocurrency in the market. The volume-to-market-cap ratio stands at 16.65%, indicating a mild level of volatility in the market.

The MACD (Moving Average Convergence Divergence) lines have displayed a bullish crossover, signifying an optimistic outlook. Furthermore, the histogram bars are consistently forming above the mean line and increasing in height, indicating short-term bullish momentum.

EOS Foundation Announces Restructuring, EOS Price Could Give Bullish Breakout

In terms of the Exponential Moving Average (EMA) analysis, EOS’s price has successfully breached the 50-day EMA, highlighting the dominance of bulls in the short term. However, it’s worth noting that the 200-day EMA remains considerably above the current price, suggesting a prevailing bearish trend in the long term.

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