EOS Price And Open Interest Are Rising: Can It Soar To $15?

EOS price jumped and crossed an important resistance level as Bitcoin and most altcoins bounced back.

EOS (EOS) rose above the psychological $1 mark for the first time in almost two weeks. It has surged by over 45% from its lowest level this month.

This rebound occurred as the network’s Decentralized Finance ecosystem continued to perform well. According to DeFi Llama, the total value locked increased to $250 million, its highest level since Dec. 8. Key dApps like EOS Rex, PayCash, and DefiBox contributed to this growth.

This progress came a year after developers implemented the Spring 1.0 hard fork, which introduced 1-second transaction finality. The network also revamped its tokenomics by capping supply at 2.1 billion and boosting staking rewards.

EOS also launched the ex-Sat Network, a Bitcoin scaling project that has attracted millions of dollars in assets.

EOS further benefited from its ongoing partnership with Binance. This collaboration includes a $10,000 giveaway for lucky winners who complete tasks on Binance Square. Cryptocurrency prices often see positive movement during such promotional events.

Meanwhile, demand for the EOS token in the futures market is rising. According to CoinGlass, open interest climbed to $167 million, its highest level since early December. Most of this interest originated from exchanges like Binance, Bybit, and OKX.

The EOS Network token peaked at around $15 in 2021 during the cryptocurrency surge. However, it later lost most of these gains as the broader crypto market declined and disputes between the EOS Foundation and Block escalated. It bottomed at $0.4700 in 2023, where it has remained for much of the time since.

The coin has formed a cup-and-handle pattern, a popular bullish continuation indicator. Its recent decline represents the handle section of the pattern. EOS has also moved above the 50-week exponential moving average.

Therefore, EOS price will likely have a strong bullish breakout in the next few days, with the initial target being the upper side of the cup at $1.3423. A break above that level could see EOS jump to $6.43, its 2021 high if the ecosystem growth continues. 

Still, it is too early to predict whether EOS will rebound and hit its all-time high of $15. The token would need to rise by 1,400% from the current level.