The cryptocurrency market is turning things around today, and EOS is one of the best-performing cryptocurrencies among the top 50 coins.

EOS, the native coin of the EOSIO ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. EOS has added more than 30% to its value in the last 24 hours.

The rally comes as EOSIO prepares for a rebrand. EOSIO, the blockchain, is undergoing a major rebrand. The EOS coin would be forked as a result of the rebrand. According the team ,, the EOS Network Foundation will soon take control of the EOS Blockchain.

The rally is occurring as the wider cryptocurrency market recovers from the slump it experienced earlier in the week. The cryptocurrency market traded in the green zone for the first time this week.

The market has added more than 1% to its value over the past 24 hours, with the total market cap now around $1. 15 trillion.

Bitcoin is still trading above $24k per coin, while Ether has surged past the $1,900 mark again after adding more than 2% to its value in the last 24 hours.

Key level to watch

The EOS/USD 4-hour chart is one of the most bullish charts amongst the top 100 cryptocurrencies by market cap.

The MACD line is in the positive zone. This indicates that EOS is currently experiencing bullish momentum.

The 14-day RSI of 81 shows that EOS is currently in the overbought region after rallying by more than 40% over the past seven days.

EOS trades at $1. 620 per coin. EOS could trade above $2 if the rally continues. 059 resistance point for the first time since May.

EOS may need support from the wider crypto market in order to move beyond the $2. 488 resistance level over the next few days.