What’s Powering EOS Upside?
Analysts cited two positive developments within the EOS blockchain’s ecosystem as helping power the cryptocurrency’s recent gains. Firstly, the EOS Network Foundation (ENF) that oversees the development of the EOS blockchain recently opened registrations for its upcoming so-called Yield+ incentive program. The program is designed to attract Decentralized Finance (DeFi) applications to the EOS network, putting it in competition with the likes of Ethereum, Solana and Cardano.
? The Yield+ Launch Is Imminent!
Designed to build economic activity on $EOS through incentivizing DeFi dApps that increase TVL and generate yield.
August 14th — Registration opens
August 28th — Rewards for TVL beginGet all the details here:
➡️ https://t.co/fFOZCOEG4y ⬅️ https://t.co/b6q4Xmlay7 pic.twitter.com/ePZPkEiu4I— EOS Network Foundation (@EosNFoundation) August 10, 2022
Secondly, analysts said that optimism about an upcoming network upgrade in September was also fuelling EOS upside. According to a series of tweets from ENF’s CEO Yves La Rose, the EOS blockchain will undergo a hard fork upgrade on 21 September that will “sever all ties from @B1” (Block.One, the company that originally designed the network). “EOS can finally break through its glass ceiling and reach its full potential,” Yves La Rose said.
On September 21, $EOS will undergo a hardfork to upgrade to the #EOS Network to the new codebase that the @EosNFoundation has been meticulously building towards.
This consensus upgrade severs all ties from @B1 and represents the official beginning of #TheNewEOS!
— Yves La Rose (@BigBeardSamurai) August 15, 2022
Bearish Bitcoin (BTC) Breakout on the Cards?
Bitcoin was last trading broadly unchanged on Wednesday in the upper $23,000s, as it awaits key macro events later in the day. Some technicians have expressed concerns in recent days that Bitcoin may have formed a technical pattern that can be considered bearish and indicative that a drop back under $20,000 could be on the cards. In the past few weeks, Bitcoin has formed a “bearish wedge” pattern, they say. Bearish Wedges and Bearish Flags can be described as a period of consolidation of even a slight rally, but within the confines of an ongoing bear market rally.
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