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With bulls and bears engaged in intense competition, EOS investors have experienced weeks of volatility. Market tension started during the second half of January after a few investors decided to take early profits.
At the time of writing, the EOS token was trading at $1.25 after gaining 14.7% in the last day, with a 24-hour trading volume of $574.9 million. This represents an increase of 233.7% from the previous day and indicates the recent uptick in market activity.
As the token’s price surged 18% in the past week, EOS is outperforming the broader crypto market which has only recorded a 9% increase over the same period. EOS is also doing better than similar smart contract cryptocurrencies up just 11.3%, based on CoinGecko data.
The EOS Foundation Network launches Series 5 Pool Funding
The EOS Network is a third-generation open source blockchain platform with high performance, flexibility, security, and developer experience. Secured through delegated Proof of Stake (PoS), the network stands out due to its technology stack and community resilience. It also prides itself on being a Community Driven Foundation (ENF) with excellent user support.
The positive outlook for EOS crypto comes after the EOS Foundation Network (ENF) launched a new funding pool, dubbed “Pomelo Grants Season 5.”
In our ongoing commitment to support public goods on #EOSWe are pleased to announce #enf‘s @employee Season 5 Matches Pool Finance!
150 thousand dollars in EOS dollars will contribute 🤑
🗓 February 22nd – submissions open
🗓 March 1 – Donations start– EOS Network Foundation (EOSnFoundation) February 17, 2023
Pomelo is a crowdfunding platform that allows anyone to request public goods funding from the EOS community. Community donations determine how matching funds are allocated.
The project uses quadratic financing to allocate financial support to public goods in the best way possible, which means that projects with unique donors get more money. They choose the most mathematically optimal approach because supporting public goods is an integral part of the ENF’s mission for the EOS ecosystem.
According to Medium’s announcement, the launch paves the way for anyone building public goods on EOS to develop a grant at Pomelo.io, with submissions open starting February 22nd.
February 22 – March 15: Create your grant applications for public goods. When submitting grants, Team Pomelo approves those eligible to participate.
In the fifth series, the foundation is offering $150,000 to the matching set, with all Season 5 Pomelo sales (NFTs) and last season’s Pomelo fees added as matching money.
Will the bulls continue the EOS rally?
Since news of ENF developer Season 5 of the Pomelo Grants broke, the token is up 23% in two days. The token’s trading volume is up 233.7% since the news, represented by the long green bar on the chart (below). The bulls are building on yesterday’s gains and have already pushed the price up nearly 6% to an intraday high of $1,281.
At the time of writing, EOS was trading at $1.25 as the bulls fought to break through key resistance. If the buyer’s momentum increases beyond this level, this will remove the hurdle preventing further gains for the blockchain token. It is worth noting that this hurdle has kept the price stalled since September, and breaking it would give the EOS price an opportunity to try to restore its previous value to the high range at $1.8.
EOS/USD daily chart
Off the main hurdle, the bulls will be eyeing a 43.33% rally to the $1.8 target. However, for this ascent to materialize, the price must retract certain steps in the journey. The 52.7% Fibonacci retracement at $1.3369 was the first logical move, followed by the 66.7% Fibonacci retracement at $1.47.
Moreover, the price of the EOS token should revisit the 78.6% Fibonacci retracement at $1.59. If their ambition remains the same or grows, they can reach the 100% Fibonacci retracement at $1.8, completing a rally of 43.33% from the current price level.
EOS price was enjoying support from the 200-day simple moving average (SMA) after bulls reversed it from resistance on Friday. This roadblock has also proven to be a massive roadblock, which has kept the price of EOS stalled since September 14th. Therefore, the movement of the bulls to his heart yesterday adds confidence to the positive outlook.
Also bolstering the positive outlook was a bullish 50-day simple moving average, relative strength index (RSI), and moving average convergence divergence (MACD) indicators. These showed that the path of least resistance was to the upside. Price strength at 68 was also a good sign, which indicates that the bulls are in control.
Note that the MACD (blue line) triggered a buy signal in yesterday’s trading session when it crossed above the signal line (orange). This, along with the deep green histograms, showed that the bulls had responded to the “buy call” and were flocking to the market.
On the downside, investors could succumb to the selling urge as they did after a rally that started on December 4th and another starting on January 8th. This may make the uptrend short-lived, in which case the price could drop below 200 days. supports. Below this level, the price could revisit the 23.6% Fibonacci retracement at $1.05 or decline to the bottom of the $0.82 support.
Downside prospects were reasonable given the position of the RSI, an arm’s length from the overbought level (70), where buyer momentum is considered to be worn out.
EOS alternative
If investing in EOS seems risky, consider FGHT, the native token of the Fight Out ecosystem.
FGHT is a promising cryptocurrency, featuring a distinct customer-centric approach to the Transfer to Earn (M2E) sector. Fight Out has motivated maintaining a healthy lifestyle by offering users amazing rewards in the form of redeemable REPS.
Are you looking for a way to earn rewards while getting fit? 💪
the # fighting The app makes it easy to earn crypto rewards while tracking your progress, no matter where you are!
Say goodbye to boring workouts and hello to them # web 3 fitness. 👊 https://t.co/z34Nkx3ffi# Blockchain #MoveToEarn pic.twitter.com/CIJboxoeb5
– Fight Out (FightOut_) February 8, 2023
The platform also monitors all forms of fitness activity by making use of innovative technological methods, including but not limited to sensors in the gym.
Fight Out’s ticker symbol, FGHT, is currently in pre-sale and has raised over $4.30 million as the countdown to the end of the phase continues. Buy FGHT now before the price goes up.
Read more:
Fight Out (FGHT) – Move to earn in the Metaverse
- CertiK is audited and CoinSniper KYC verified
- The early stage pre-sale is now live
- Earn free crypto and learn about your fitness goals
- LBank Labs project
- Partnership with Transac Block Media
- Staking bonuses and rewards
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