The EOS price is in a parabolic rally after reports that Block.one had secured funds to start a new decentralized exchange known as Bullish. The currency is trading at $$13, which is a few points below its all-time high of $14.78. It has jumped by more than 45% in the past 24 hours, pushing its market capitalisation to more than $13 billion.
EOS news: EOS is a blockchain project that was started by Block.one, the company known for raising the most money in an Initial Coin Offering (ICO). The platform allows developers to build decentralized applications. Some of the most popular projects built using the network are Huobi Token, Bancor, and Bitpie, among others. EOS is the native currency of EOSIO. Still, the number of developers interested in the network is still significantly low.
The EOS price is surging after Block.one said that it will launch a new decentralized exchange known as Bullish Global. The exchange will be capitalised by Block.one, which has already secured $300 million for the fund. It will be capitalised by $10 billion of digital assets. The exchange will offer market-making, lending, and portfolio management solutions to retail and institutional investors.
The daily chart below shows that the EOS price rocketed upwards yesterday after the Bullish announcement. The currency rose above $8.8230, which was the previous all-time high. It also moved above the upper side of the ascending channel that is shown in black. Further, the short and longer-term moving averages (MA) have continued to support the recovery. The MACD, which is a popular oscillator, has moved to the highest level in days.
Therefore, while the overall trend is bullish, I can’t rule out a short pullback as some bullish traders take profit. This could see it retesting the support at $8.8230. However, a move above $15 will invalidate the bearish thesis.
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