Price Analysis: EOS price surges over 30% as the announcement in June
EOS always would like to make some big news in June.
Last June, EOS launched the super node election program, and lots of people would like to apply for that because it can get really high revenue at that time. However, if you want to be selected, it depends on the voting results. Thus, people started buying in EOS from the secondary market as early as possible to get cheaper EOS for the votes, which significantly stimulates the price of EOS as well as many other altcoins in the market.
Time files. This June, EOS has another big announcement to be released. And it is still secret, but people said it could be about some new product in the EOS ecosystem. As shown from the data in CoinAll exchange (www.coinall.com), EOS get up quickly, and the maximum increase could be up to 30%, which becomes the highest in 2019. So far, the support level is around 7.4 USD, and pressure is around 8.2. However, if it breaks through the resistance here, price is expected to touch 9 USD possibly. But, we also need to keep caution that the tendency in 4-hour line seems under correction. What is more, EOS also pulls up the whole market situation because of the quick pump.
Then, how EOS could have this kind of price surge? The story started from the announcement that EOS will have the greatest product in June. Investors are likely to have high expectation on which are in the air. When it is close to June, people are more willing to buy in EOS because the expectation is going to be met.
Although we have no idea yet about the product, but RAM as the necessity in EOS network, you need to hold enough RAM to build up your product based on EOS network. That could be the reason why RAM price increased by double within the same day.
B1 account, the official account for Block.one, has bought in around 3.3million RAM, which significantly increased the price. It is obvious that EOS will make some actions to build the new product with all the RAM resources.
By the way, when the expected good news comes true, it may become the bad news, which means the coin price would have kind of dump. As it is stated from CoinAll exchange (www.coinall.com), EOS price drop dramatically after the super node election is completed.
Anyway, it is good news for the market when EOS is pumping, because BTC is still on the increasing tendency, and there is high chance to break through the higher resistance if it can close at this level. So far, BTC support level is around 8300USD, and pressure is around 9000USD.
ETH price is still relevant with BTC, and the support level is around 260 USD, the resistance is around 280. It is important to note Ethereum will check the code for PoS network, which is also positive for ETH price since it can provide much better scaling abilities and higher TPS to support all kinds of applications in different industries. In turn, this adoption will stimulate ETH price as well.
What do you think of the future market? Welcome to share with us.
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