Eos rose by as much as 20% on Wednesday, as bulls continued to react to the news of its upcoming Yield+ incentive program. Today’s price surge comes despite the global cryptocurrency market cap falling by almost 2% as 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 climbed by as much as 20%.
Today’s gains come three days after EOS began to accept registrations for its upcoming Yield+ incentive program.
The program, which is essentially a reward offering, will be distributed on August 28, exactly two weeks after registration opened.
EOS/USD – Daily Chart
As a result of this, EOS/USD surged to a peak of $1.64 on Wednesday. This comes less than a day after trading at a low of $1.28.
Wednesday’s high is the strongest point for the token since May 11, and comes following a breakout of a key price ceiling.
Looking at the chart, this resistance was at the $1.43 level, which has been in place for the last three months.
Following today’s rally, the relative strength index (RSI) is now tracking at a high of 70.33, which is marginally above a ceiling of 69.
In addition to EOS, tezos (XTZ) was another notable mover in today’s session, with it climbing to its highest point in over two months.
XTZ/USD raced 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 was trading above $2.07.
XTZ/USD – Daily Chart
However, as the session has matured, market volatility has heightened, resulting in XTZ falling below its resistance at $1.94.
As of writing, XTZ is now trading at $1.87, which is marginally higher than yesterday’s peak.
Bulls appear to have abandoned their positions, opting to secure gains following a break above the ceiling, which then gave way to bears to reenter 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.