Old-school cryptocurrencies are in a strong bull run this week, largely outperforming newer ones. EOS price jumped to a high of $1.5230, its highest level since September 22. It has jumped in the past five consecutive weeks and is up by 250% from its lowest level this year.
NEO, another cryptocurrency, jumped to $26.14, its highest level since April 2022. BitTorrent price jumped to $0.000001910, up by 176% from its lowest level this year.
Inspired by Ripple and Stellar
The main reason for the ongoing EOS, NEO, and BitTorrent prices is that they have been inspired by the recent success of Ripple (XRP) and Stellar Lumens (XLM), which have soared by almost 500% in the past 30 days.
Ripple’s market cap has also jumped to over $125 billion, making it the third biggest crypto in the industry. It is slowly nearing its all-time high
Similarly, Stellar Lumens, the popular payment-focused coin has also jumped, mirroring that of Ripple. The two have a common history since Jed McCaleb, Stellar’s founder, was also on the team that started Ripple Labs.
The two coins have risen because of the recent Donald Trump victory, which promises changes at the Securities and Exchange Commission (SEC). Gary Gensler is expected to resign in January, while Trump is considering picking Paul Atkins to be the next head of the agency.
The new changes mean that Ripple’s legal challenges could end soon, and that a spot XRP ETF will be listed as soon as in 2025. Ripple has largely won the case brought in 2020.
In July last year, a judge ruled that XRP was not a security but that Ripple Labs had committed a crime in its fundraising.
As a result, she ordered the company to pay a $250 million fine earlier this year, much lower than the $2 billion that the agency was seeking. The SEC has pledged to appeal the ruling, putting Ripple Labs in legal jeopardy.
Therefore, EOS, NEO, and BitTorrent are rising as many cryptocurrencies that became hugely popular in 2021 aim to be the next XRP. Indeed, many others, including Litecoin, Tron, and Bitcoin Cash have all gone vertical.
EOS price analysis
Technicals also explain why coins like EOS and NEO are soaring. The weekly chart shows that the EOS price has bounced back after being in a consolidation between $0.4325 and $1.3640 in the past three years. It formed a triple bottom at $0.4325 and has now jumped above its neckline at $1.3640.
EOS price has moved above the 50-week moving average, signaling that the uptrend may continue. If this happens, the next key resistance level to watch will be at $3, the highest point in March 2022. If that happens, it will imply a 115% above the current level.
Neo price forecast
The weekly chart shows a close similarity between the EOS and NEO prices. It has formed a cup and handle pattern and is attempting to rise above the key resistance level at $24.18, its highest level in April 2024.
The NEO price has jumped above the 50-week moving average, while oscillators like the Relative Strength Index (RSI) and the MACD have continued to point upwards.
Therefore, the coin will likely continue rising as bulls target the next important resistance level at $50 in the near term. A drop below the support at $20 will invalidate the bullish view.
BitTorrent price analysis
The daily chart shows that the BitTorrent token has jumped, mirroring the performance of Tron, which has surged to a record high. BTT and TRX are related because they are owned by Justin Sun.
The BTT token has formed a golden cross pattern as the 200-day and 50-day moving averages crossed each other. It is also forming a cup and handle pattern whose upper side is at $0.0000022, its highest level in March. Therefore, the coin will likely continue rising as bulls target that level, which is about 30% above the current level.
The post Here’s why the EOS, NEO, and BitTorrent prices are surging appeared first on Invezz
