EOS bulls dominate- Here's how China can help sustain the price rise

The EOS cryptocurrency achieved a 25% rally in just three days. A contrast to its previous struggle to overcome a resistance range in which it was stuck since the last week of January.

Timeline of Eos

The amount of liquidity or total value locked (TVL) is one of the yardsticks used to assess the health of blockchain networks. By this measure, the state of the EOS network looks more promising this year.

Image source: Twitter  The recent announcement of a $100m war chest for EOS projects caught the crypto community by surprise, not least due to an otherwise gloomy picture in the markets following the collapse of FTX.  Just two days after FTX and Alameda Research filed for Chapter 11 bankruptcy, EOS Network Foundation (ENF) CEO Yves La Rose took to Twitter to let the cat out of the bag, promising that the $100m ecosystem fund would be ring-fenced for investment in purely EOS projects.

EOS's double-top setup on the daily chart paved a path for its recent bear run. A plausible reversal from its current rising wedge could pose hurdles for the bulls in the coming sessions.

EOS Network Foundation, the non-profit helping to develop the decentralised blockchain network EOS (EOS/USD), and Busan Metropolitan City, have announced a memorandum of understanding (MoU) to boost city's blockchain ecosystem over the next three years.

The Busan Metropolitan City government has an MoU with several venture firms led by the EOS Network Foundation in a deal that will see millions of dollars invested in the city's web3 startups.

Amid the ongoing uncertainty in the crypto market, the EOS coin price is trying to sustain below the recently breached $1.1-1.05 support level. Moreover, a low volume retest to the flipped resistance indicates weakness in the buyer's commitment.

On Wednesday, September 21, the EOS community announced a major upgrade that would see it become independent and a fully self-sustained platform. The community will become more decentralized following a consensus upgrade to Antelope Leap 3.1.

A community driven fork of the EOS blockchain's code adopted by block producers who manage the network will sever ties to former network code custodian Block.one. The post EOS Antelope Protocol update severs network's ties to Block.one and Bullish appeared first on The Block.

Today the EOS/USDT pair is down 3% as it retests the breached resistance of $1.58. Reclaiming this barrier suggests the end of the last correction phase, and the new cycle could surpass the high swing resistance of $1.9.

To those inside the Web3 arena, the EOS story is well known. It's a story about how EOS founders, Block.one raised a huge amount of funding for what was meant to be an incredible POS blockchain, with everything going for it, and then completely neglected it.