Today’s price surge comes despite the global cryptocurrency market capitalization falling nearly 2% at the time of writing.
EOS was one of the biggest bulls on Wednesday, as the token’s price soared 20%. Today’s earnings come three days after EOS began accepting registrations for its upcoming Yield+ incentive program.
The program, which is essentially a reward offer, will be distributed on August 28, exactly two weeks after registration opens.
As a result, EOS hit a high of $1.64 on Wednesday. This rise comes less than a day after hitting a low of $1.28. Wednesday’s high is the strongest point for the token since May 11, and follows a breach of a key price cap.
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 sits at a high of 70.33, which is slightly above a high of 69.