EOS is up by more than 3% in the last 24 hours and could rally higher after the EOS Foundation launched its ecosystem fund.
EOS, the native coin of the Eos network, has added more than 3% to its value in the last 24 hours. It has been performing well so far today and could rally higher over the coming hours and days.
The positive performance comes after Yves La Rose, the CEO of the EOS Network Foundation, announced on Sunday that they have launched a $100 million ecosystem fund.
I am pleased to announce that we have officially reached a consensus agreement to launch a $100M ecosystem fund to invest directly into $EOS projects!
The ecosystem fund will be managed by EOS Network Ventures, and will exclusively be investing in #EOS projects. Nothing else.
— Yves La Rose (@BigBeardSamurai) November 13, 2022
According to the CEO, the fund is geared towards investing in EOS projects. The $100 million ecosystem fund will be managed by EOS Network Ventures, and will exclusively be investing in EOS projects.
The broader crypto market is recovering following last week’s massive losses. The total crypto market cap stands around $840 billion, up by more than 1% in the last 24 hours.
Bitcoin is closing in on the $17k resistance level after adding 1% to its value today. Ether is also trading above $1,200 and is up by 2.5% so far today.
Key levels to watch
The EOS/USD 4-hour chart remains bearish despite EOS performing well in the last 24 hours. The technical indicators show that EOS is recovering from its recent slump.
The MACD line is below the neutral zone but has been slowly moving higher over the last few hours. Thus, indicating that the bulls are slowly gaining control of the market.
The 14-day relative strength index of 48 shows that EOS is no longer in the oversold region. At press time, EOS is trading at $0.9185 per coin.
If the correction continues, EOS could move past the $0.9639 resistance level before the end of the day. However, it would need the support of the broader crypto market to trade above the $1.0939 resistance level in the near term.