EOS Up Almost 20%, Token Hits 3-Month High – Market Updates Bitcoin News
EOS rose as much as 20% on Wednesday as bulls continued to react to news of the upcoming Yield+ incentive program. Today’s price increase comes despite the global cryptocurrency market cap falling by almost 2% at the time of writing. Tezos was also higher, hitting a two-month high on hump day.
EOS was one of Wednesday’s biggest movers, as prices of the token rose by as much as 20%.
Today’s gains come three days after EOS began accepting registrations for its upcoming Yield+ incentive program.
The program, which is essentially a rewards offer, will be distributed on August 28, exactly two weeks after registration opened.
As a result, EOS/USD rose to a high of $1.64 on Wednesday. This comes less than a day after trading at a low of $1.28.
Wednesday’s high is the token’s strongest point since May 11, and comes after a breach of a key price ceiling.
Looking at the chart, this resistance was at the $1.43 level, which has been in place for the past three months.
After today’s rally, the relative strength index (RSI) now traces a high of 70.33, which is marginally above a ceiling of 69.
Tezos (XTZ)
In addition to EOS, tezos (XTZ) was another notable draw in today’s session, climbing to its highest point in over two months.
XTZ/USD rallied to a high of $2.02 earlier in today’s session, which was up from Tuesday’s low of $1.82.
This is the highest point tezos has reached since June 11, when the token traded above $2.07.
However, as the session has matured, market volatility has increased, resulting in XTZ falling below the $1.94 resistance.
At the time of writing, XTZ is now trading at $1.87, which is marginally higher than yesterday’s high.
Bulls appear to have abandoned their positions, opting to lock in gains after a break above the ceiling, which then gave way to bears to re-enter the market.
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Will tezos climb back above $2.00 before the end of the week? Let us know your thoughts in the comments.
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