EOS Price Hits 10-Month High Ahead of ‘Big Announcement’ Tease

May 28, 2019 7:02 AM UTC

By CCN.com: EOS price rose above $8 this Tuesday for the first time in over ten months.

The world’s fifth largest cryptocurrency by market capitalization climbed to $8.272 ahead of the Asian market open. While the price corrected lower towards $7.73 as the session matured, the move did not shake the overall bullish bias. EOS appeared stronger than other top-ranking digital assets by posting a 16-percent growth in the past 24-hours, bringing about $1 billion capital to its market valuation. Only Tron and Ethereum came slightly closer to EOS gains by surging 7.31- and 4.55-percent, respectively


Buying the Rumor

The EOS price rally borrowed fuel from a top-secret fundamental. Block.one, the firm responsible for the development of the EOS blockchain protocol, will make a “big announcement” on June 1 this year. The rumor escalated further when the firm announced that it had purchased $20 million worth of RAM on EOS. The move visibly flirted with the market’s curiosity, prompting both traders and investors to increase their stakes in EOS.

While nobody still has a clue what the big announcement would be, the psychological impact is making people buy the rumor. Jacob Canfield, a prominent cryptocurrency analyst, suggested that it is vital for traders to manage risks against any potential mishappening, especially when they look to buy EOS at fresher highs.

“The fact that Block.one did a massive buy back of shares makes me think they’ve got a big announcement up their sleeve on June 1. I always buy the rumor, sell the news but I’ve seen EOS run even after news events.”


It is likely that until June 1, the EOS market could make holders out of its speculators. Fundamentally, the market can see some extended buying action, thus bringing the price close to levels with crucial support/resistance sentiment, as shown in the chart below:

EOS price looks to extend upside trend | Source: Tradingview.com, Binance

EOS is currently overbought (RSI above 70), which could trigger at least a minor selling sentiment in the near-term. A pullback could lead the price towards as low as $6.936. Nevertheless, it is likely that bulls would initiate another run towards the intraday high of $8.272 while testing the range defined by $8.963-$9.447 as their interim long targets. And, if by any chance, Block.one’s big announcement turns out to be extremely bullish, then a price run towards $10.40 should not surprise.

Click here for a real-time EOS price chart.

This article was edited by Samburaj Das for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.

Last modified: May 28, 2019 7:03 AM UTC

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Yashu Gola @bitcoinwallah

New Delhi-based Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

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