EOS has risen more than 3% in the last 24 hours and could climb further after the EOS Foundation launched a new ecosystem fund.
EOS, the native token of the EOS network, has gained over 3% in the past 24 hours. The token has shown strong performance today and may continue to rally in the coming hours and days.
This upward movement followed an announcement by Yves La Rose, CEO of the EOS Network Foundation, that the organization has launched a $100 million ecosystem fund dedicated to supporting projects within the EOS ecosystem.
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 La Rose, the $100 million fund will be managed by EOS Network Ventures and will invest exclusively in EOS-based projects. The initiative is intended to accelerate development, attract talent and funding, and strengthen the overall EOS ecosystem.
The broader cryptocurrency market is also recovering after last week’s sizable losses. The total market capitalization for crypto sits around $840 billion, up more than 1% in the last 24 hours.
Bitcoin is approaching the $17,000 resistance level, having gained about 1% today, while Ether is trading above $1,200 and is up roughly 2.5% for the day.
Key levels to watch
Despite today’s gains, the EOS/USD 4-hour chart still shows a cautious picture. Technical indicators point to a recovery from recent weakness, but momentum is not yet decisively bullish.
EOS/USD Chart By TradingView
The MACD line remains below the neutral zone but has been trending upward over the past few hours, suggesting buyers are gradually regaining control.
The 14-day relative strength index (RSI) reads about 48, indicating EOS is no longer in oversold territory. At the time of writing, EOS is trading near $0.9185 per token.
If the short-term correction continues, EOS could test the $0.9639 resistance level later in the day. To push through the next significant barrier near $1.0939, EOS will likely need continued support from the broader crypto market and growing on-chain or fundamental catalysts.
Where to buy EOS now
Investors can find EOS on major exchanges and trading platforms. As always, consider using reputable exchanges, check fees and liquidity, and use appropriate security measures such as hardware wallets for long-term holdings.