EOS Rally Gets a Boost – Block.one Announces $10 Billion Investment
EOS is in the spotlight after notching up double-digit gains in its latest rally following an announcement from Block.one – the company behind its EOSIO blockchain network about securing $10 billion worth of funding. The funding secured will be used by the company towards launching Bullish Global – an EOS-based cryptocurrency exchange.
During the previous session, EOS took the lead among cryptocurrencies, becoming the biggest gainer among the 100 biggest digital tokens, seeing its value increase by nearly 50% in a single day. The funding news is of special interest as Peter Thiel – co-founder of PayPal and Palantir, is one of the investors in Bullish Global.
The EOS blockchain network has been called an “Ethereum killer” as it supports both smart contracts and DApps functionalities, and comes with the promise of scalability and usability with its innovative DPoS protocol. The development and launch of a cryptocurrency exchange supported by EOS’s blockchain network will further drive up interest in DeFi applications on this network.
Key Levels to Watch
Since late January, EOS has gained over 400% and over the past two weeks alone, it has seen its price skyrocket by almost 100%. Technical indicators point to further bullishness in EOS/USD in the near-term, so we could very well see the current rally extend further.
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.
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