EOS rallied in May after Block.one, a blockchain software firm, announced a $10-billion funding round to build an EOS-based crypto exchange platform called Bullish. The EOSIO development company revealed that it had raised capital from Peter Thiel and Mike Novogratz, as well as hedge fund managers Alan Howard and Louis Bacon.
In light of the “bullish” news, the recent $6 local top stands 60% below the $15 high reached on May 12, and this leaves investors with little reason to celebrate. At the moment, retail traders are not comfortable using leverage for bullish positions, and professional traders have been neutral-to-optimistic since mid-July.EOS price in USD on Kraken. Source: TradingView
Analysts also pointed to a May 2 report commissioned by Block.one that suggested an increase in the inflation rate from 1% to somewhere between 1.2% and 3.8%. The new issuance rate would be necessary to increase financial incentives for voters and block producers.
However, the lack of deliveries and partnerships has caused EOS to quickly lose steam, and the price fell to a low at $3.04 on June 22. The bearish trend ended on June 23, as the little-known “Bullish” exchange said it would be going public on the New York Stock Exchange via a special-purpose acquisition company, or SPAC.
A positive and lasting trend initiated as the Bullish exchange released its private alpha version on July 27 and promised a full launch later in 2021. The project also mentioned that it would have spot trading, margin trading and liquidity pools.
Finally, on Thursday, EOS announced free access to live pricing data using real-time market information provided by AlgoTrader. The Swiss-based startup oracle includes multiple assets from various exchanges and can create synthetic instruments, derivatives and stablecoins.Retail traders were momentarily bullish
To understand whether traders are leaning bullish as EOS’ price holds the $5 support, one should analy...