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EOS Price Forecast – $10 Comes Into View, Why EOS is a Top Buy The Dip Recovery Play

EOS price forecast remains bullish, as it has violated a major triple-top resistance level of $0.9200 and pumped over 5% in the past 24 hours. Most of the bullish bias came after a new SEC filing showed that Brendan Blumer, a prominent figure in the cryptocurrency community and a co-creator of the EOS blockchain, has acquired a 9.3% stake in the cryptocurrency-friendly bank Silvergate Capital.

.@BrendanBlumer, the founder of EOS developer https://t.co/u3FxpwTVYt, has bought 9.3% of crypto bank @silvergatebank, making him the largest shareholder of the company. https://t.co/u3FxpwTVYt bought an additional 7.5% of Silvergate.
By @NelWanghttps://t.co/is4AY7eKGD

— CoinDesk (@CoinDesk) November 23, 2022

Blumer, a crypto entrepreneur based in Hong Kong, has become Silvergate’s largest shareholder thanks to the size of his investment. Block.one, the EOS development company that Blumer directs, has acquired a 7.5% stake and now also owns Blumer’s stake, which is worth about $1.5 million. Blumer and his company have amassed nearly 17% ownership in Silvergate Capital.

Blumer’s company, Block.one, also owns Silvergate stock after purchasing 2,363,186 shares on November 16. Blumer purchased his shares on the same day. Both transactions, totaling 2,934,537 shares, account for approximately 9.27% ​​of the company.

The purchase of nearly 3 million shares represents 9.27% ​​of Silvergate stock. Blumer purchased 571,351 shares personally, and Block. one purchased 2,363,186. According to CNN, this deal will make them Silvergate’s largest shareholder.

— Jacob West (@JacobWe55396549) November 24, 2022

Blumer has become Silvergate’s largest shareholder as a result of the acquisition, according to the most recent FactSet data. Furthermore, as a result of the acquisition, Blumer and his company are now the sole largest stockholders in the cryptocurrency bank.

Silvergate is the world’s largest cryptocurrency-focused public bank. New investors will assist in weathering the current crypto storm. Furthermore, EOS claimed to be more efficient than any other cryptocurrency network because it was built with open-source technology developed by Block.one.

As a result, the news that EOS CEO Brendan Blumer is the largest shareholder of Silvergate Capital benefits EOS/USD because its value rises as a result of the news.

EOS $100M Ecosystem Fund

EOS is an open-source smart contract network that runs on the EOSIO platform, intending to regain lost ground by stimulating the upcoming wave of web3 innovation. It aims to be at the top of the list of options for web2 businesses looking to expand into the web3 sphere. The EOS Network Foundation is a non-profit organization that organizes monetary and non-monetary support to promote the growth and advancement of the EOS Network.

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

EOS Network Foundation CEO Yves La Rose announced the massive fund on November 13 and EOS Network Ventures, a newly formed company, will be in charge of managing it. Since then, anticipation has grown as developers seek to profit. The $100 million ecosystem fund will incubate and accelerate companies built natively on the EOS blockchain. It specializes in initiatives involving gamified finance/play-to-earn, virtual worlds, eSports, non-fungible tokens, and fintech. To date, the majority of projects have been Ethereum-based.

EOS Community FAQ

According to a detailed FAQ posted on the official EOS website, EOS is the most recent blockchain at the center of a funding frenzy, following the launch of a $100 million ecosystem fund aimed at luring web3 developers and businesses to the established smart contract platform.

This is the official position of the EOS Foundation and community FAQ regarding EOS Ventures, the use of the 68 million EOS issued by the foundation on the #EOS blockchain this time.@EOSnFoundation https://t.co/bzSSaSXaee

— EOS Hub (@eoshubnet) November 21, 2022

Furthermore, the announcement of an EOS-focused venture capital fund has elicited soft commitments from prominent professionals and other significant funds in the space.

These connections will be made official and made public in the coming months.

EOS Price Forecast – $10 Comes Into View, Why EOS is a Top Buy The Dip Recovery Play

Today on Friday, the EOS/USD pair began trading at $0.9100, having reached a high of $0.973 and a low of $0.892. The current EOS price is $0.9336, and the 24-hour trading volume is $199 million. In the last 24 hours, EOS has gained over 3%.

EOSCMC

CoinMarketCap currently ranks #40, with a live market cap of $1,003,850,405 USD. The circulating supply is 1,075,158,520 EOS coins. On the technical front, the EOS/USD pair has broken through a symmetrical triangle pattern at $0.92, allowing for more buying until the $0.9490 and 0.9850 levels.

EOS price chart

EOS Price Chart – Source: Tradingview

EOS has formed a bullish engulfing pattern, indicating a strong bullish bias among investors, and the bullish crossover above the 50-day moving average also indicates a buying trend. Because the RSI and MACD indicators are still in the bullish zone, we may see EOS continue to rise.

If EOS fails to break above $0.9490, we may see a drop to the $0.8920 level. Below this, EOS’s next support level is around $0.8590 or $0.8270.

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Author: Arslan Butt

Ali is a professional live webinar speaker and derivatives (cryptocurrency, forex, commodities, and indices) analyst. He brings a broad range of skills to help beginners evaluate financial data and investment trends, carry out technical analysis, fundamental analysis, and make an informed decision on the best ways to strategize their investment …

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