EOS (EOS) gained over 15% in the past 24 hours climbing above $8 on Wednesday, a new high in the last ten months. EOS has out-gained most coins even beating Litecoin to move to 6th in terms of market capitalization rank.
Big Announcement on June 1st
The huge gain is attributed to the big announcement that is anticipated from Block.one is likely not make on June 1st. Although the details of the announcement have not been made public there is excitement among investors and the crypto community which made the coin to go higher.
The rumor about the announcement went viral after Block.one the company responsible for the EOS blockchain protocol indicated that they had acquired RAM worth over $20 million on EOS. However, cryptocurrency user Rob Finch indicated in a tweet that the RAM space is not necessarily for more space for users but it is likely to be used in the development of something else.
Cryptocurrency analyst Jacob Canfield indicated that it was important for investors to manage risks of possible mishappenings more so when they are buying EOS at the new highs. He added that despite Block.one buy back shares indicating that they have a big announcement on the way which will excite trader they should be cautious because he has seen EOS run even after such news.
As of writing, EOS is trading higher by 1.20% at $8.09 with more than $3.82 billion in total volume over the past 24 hours. EOS has jumped over 30% in the past week. The Altcoin has a market capitalization of $7.46 billion.
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EOS Has Been Overbought
It is expected that before June 1st the EOS market will make the most out of the speculator. Basically, the market is likely to experience continued buying activity which will bring the price to new resistance levels.
Currently, EOS is overbought which is likely to cause a minor selling sentiment in the short term. A pullback could take the price to $6.936 but it seems like bulls would evoke a rally towards $8.272 the intraday high while testing the long term range of $8.963 and $9.447.