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EOS Network pledges $20 million for expansion as price surges, more inside

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EOS Network pledges $20 million for expansion as EOS surges, more inside
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  • EOS network has committed $20 million toward building EOS-based decentralized applications and gaming platforms.
  • With positive sentiment lingering in the market, EOS sees a surge in price.

Ahead of the launch of its Ethereum Virtual Machine (EVM) on 14 April, EOS Network Ventures has pledged to invest $20 million to support the growth of EOS-based decentralized applications and gaming platforms.

Realistic or not, here’s EOS’ market cap in BTC’s terms

CEO Yves La Rose, in a tweet on 20 March, stated:

“This $20M commitment from ENV has the goal of quickly establishing #EOS EVM as the market leader. We want to attract the industry’s best developers and teams to build on $EOS EVM. Now, in addition to having the best tech, we have 20M reasons why a dev would build on EOS EVM!”

According to CEO La Rose, EOS EVM is 25 times faster than Avalanche [AVAX] and three times faster than Solana [SOL] or BNB Chain [BNB]. Nevertheless, the community members who held different opinions heavily criticized this stance.

The $20 million commitment comes two weeks after EOS developer Block.One confirmed that it held a stake in collapsed Silvergate Capital, causing it to exit its equity position. 

Improved sentiment causes EOS to rally

The bullish sentiment that pushed the king coin Bitcoin [BTC] to clinch a nine-month high last week has led to a jump in EOS’ price in the last week. Trading at $1.16 at press time, EOS value rallied by 9% in the past seven days, per data from CoinMarketCap.

With increased EOS accumulation during that period, the bulls regained control of the EOS market and initiated a new bull cycle. The token’s Moving Average Convergence Divergence (MACD) revealed an upward interception of the MACD line with the trend line on 16 March and has since posted only green histogram bars. 

The Directional Movement Index (DMI) confirmed that buyers had the upper hand at press time, with the Positive Directional Index (green) at 22.10 resting above the Negative Directional Index (red) at 12.85.

Further, EOS’ key momentum indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), showed upward trends, and have been so positioned in the last week. This represented growing buying pressure for the EOS token. 

Is your portfolio green? Check the EOS Profit Calculator

Interestingly, an assessment of EOS’ Chaikin Money Flow (CMF) indicator sent warning signals. While EOS’ price rallied since the commencement of the new bull cycle, its CMF dwindled. 

It is key to note that when an asset’s price increases while its CMF declines, it could indicate that while buying pressure exists, it is weak, and the bullish trend may not be sustainable.

Source: EOS/USDT on TradingView

 

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Abiodun is a freelancer writer working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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