EOS price is not overbought yet, despite three of the last seven days registering price gains of at least 30%. The technical backdrop should not inhibit EOS from continuing the rally and testing the remaining Fibonacci retracement support levels of the 2018-2020 decline that reached 90%.
Block. one, a blockchain software company, announced the launch of a newly formed subsidiary, Bullish Global. It will be completely independent and focused exclusively on the release of Bullish, a new crypto exchange that “will leverage blockchain and a new market architecture to revolutionize the high-performance trading landscape,” according to Block. one CEO Brendan Blumer.
The Bullish Global exchange will be transparent and offer improved access to cryptocurrency strategies.
Transparently automating expensive third-party functions and turning them into yield-generating portfolio management tools to offer institutions investors and individuals better and safer access to the latest cryptocurrency investment strategies.
Bullish Global exchange is well capitalized with over $10 billion in cash and digital assets, including 164,000 BTC, 20 million EOS coin, and $300 million from a group of prominent investors such as Peter Thiel, Alan Howard Mike Novogratz, and hedge fund manager Louis Bacon.
Thiel said he was “happy to join Bullish global as an investor and advisor” as the cryptocurrency exchange increases institutional investors through blockchain-based market structures.
It is predicted that Bullish global will be well ahead of the competition thanks to its size and tremendous scale.
EOS has been on a tremendous price rally since the end of January, rising over 400% in that time. At the time of writing EOS, the price showed the largest daily price gain since 2017 of 44%, the largest two-day gain since 2017 of over 80%, and a two-week gain of 96%.
The daily and weekly RSI charts are above the popular 70 levels. Still, they are not at previous extreme levels that accompanied significant EOS price highs, suggesting that the potential for further EOS upside is high.
Influential resistance support levels are concentrated at the 61.8% and 78.6% Fibonacci retracement support levels of the 2018-2020 decline, of $14.77 and $18.40, respectively. If a blow-off type of move materializes, speculators should anticipate a test of the 2018 all-time high at a price of $23.02.
On the other side of the fence, EOS could sell the earlier gains of the day, tipping off speculators to a local top. A corrective process will observe resistance at the 38.2% retracement level of the rally beginning the end of December at a price of $9.39. Still, a formidable resistance level will be apparent at the near intersection of the May 2019 high at a price of $8.65 and the 50% retracement at $7.96.
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