In the past 24 hours, EOS has surged by 9.43%. However, on a month on month basis, it is still trading lower. This is the reason why traders are trying to figure out whether the rally can continue or not.
Can EOS continue its rally?
Ever since this news came out, EOS has been consistently rallying. The most worrying factor about this list is that Bitcoin (BTC) is ranked at the 18th place. It has a score of just 96. Thus, Bitcoin (BTC) does not have a lot of clout on that list.
Similarly, when you look at the support levels, strong support is around $ 2.58. Thus, on the lower side, it can go to $ 2.58 as well. This is the reason why you have to look at the price movement of EOS before taking a call. From the bottom, it has rallied over 38%. Considering the fact that it has fallen significantly in the past couple of months, it is still not in the green when you look at the performance of EOS in last 60 days.
While this might be a short-term trigger but it is important to note that only when the controversy surrounding EOS can be sorted, it will be easier for EOS to rise even more. On the other hand, Ethereum (ETH) has also rallied from $ 85 all the way to around $ 120. Thus, it seems like most of the cryptocurrencies are recovering especially the ones which have strong underlying applications.