EOS has added 3.1% to $0.5879 this week, recovering from a low of $0.5242 on Monday, which was 7.1% lower. This recent rebound is bringing the price close to the critical support level at $0.5000, which could be crucial for future price movements.

The current price support is largely due to a broader market recovery rather than specific positive news about EOS itself. The token lost 27.0% in June, as investors grew increasingly disappointed with the lack of progress in the network's economic modernization promised by EOS founder Brendan Blumer. Any positive developments or announcements regarding these promised upgrades could push EOS prices above the $0.7000 resistance level.