EOS has been focused since reporting double-digit growth in its most recent demonstration after Block.one has announced that it will be securing $10 billion in funding from its EOSIO blockchain network.
The secured funding will be spent by the company to launch an EOS-based cryptocurrency exchange, Bullish Global.
During the previous session, EOS was the largest winner of the 100 biggest digital tokens among cryptocurrencies, with an increase in value of close to 50 percent in one day. The news is of particular interest as one of Bullish Global investors is Peter Thiel – co-founder of PayPal and Palantir.
As it supports both smart contracting and DApp functionalities, the EOS blockchain network was dubbed “Ethereum Killer” with a pledge that its revolutionary DPoS protocol will be scalable and usable. In addition it will increase the interest in DeFi applications inside this network to create and initiate cryptocurrency exchanges backed by the EOS blockchain network.
Watching key levels
EOS has grown by more than 400 per cent since the end of January and has seen a price increase of almost 100 per cent over the last two weeks alone. In the short run we can very well see the current rally extend further, thanks to technical indicators pointing to further bullishness in EOS/ USD.
At the time of writing, EOS/USD is trading at around $13.26. Increased buying interest can take EOS up to test the next key resistance levels at $17 and then at $24. A failure to break past this point could reverse the uptrend and send prices down to just under $10 – a key level that is currently holding up as strong support in this digital token.
