EOS price pierced above the $8 level today for the first time in ten months and in front of the Asian market open. In today’s altcoin news we take a closer look at the altcoin’s analysis.
The EOS price corrected towards the $7.73 level but the move did not influence the overall bullish bias. The altcoin remained strong compared to other top-ranking cryptocurrencies by achieving a 16 percent growth in only a day. This movement brought about $1 billion of capital to the market value. The only altcoins that came close to EOS were TRON and Ethereum surging by 7.31 and 4.55 percent.
The EOS price rally was fuelled by a top-secret catalyst. Block.one-the company behind the development of the EOS blockchain protocol, is expected to make an announcement on June 1 this year. The rumor goes further as soon as the company announced the purchase of $20 million worth of RAM on EOS. Traders were especially excited by this move and investors increased their stakes in the asset.
Despite the fact that no one has an idea what the big announcement could be, the psychological impact is making people buy it. The well-known analyst Jacob Canfield reported for the latest cryptocurrency news that it is very important for traders to manage risks against possible mishappening especially when they want to buy EOS at a high point.
He pointed out:
‘’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.’’
Block.one is an open source software creator that provides end-to-end solutions that aim to bring businesses into blockchain from strategic planning to product deployment. It is expected that until then, the EOS price could make the market see an extended buying action which will bring the price closes to crucial level support. EOS is currency overbought which could potentially trigger a minor selling sentiment in the near term. It is also likely that the bulls could start another bull run to the $8.272. If by any chance, Block.one announces something extremely bullish, the price could run towards the $10.40.
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