EOS Eyes New All-Time High Amid Positive News flow

EOS is reporting gains on a down day for the wider crypto markets and may soon rally to fresh all-time highs.

As of writing, the world's fifth largest cryptocurrency by market valuation is changing hands at $14.61 - up 7.6 percent in the last 24 hours, according to CoinMarketCap.

Bitcoin is reporting 1.2 percent drop, bitcoin cash and IOTA are down 12 percent each and names like ethereum, Ripple, cardano and stellar are down at least 8 percent each.

EOS' 62 percent rally is backed by a notable 556 percent rise in daily trading volumes, indicating that strong hands are at play and the rally is here to stay.

It's worth noting that EOS rallied sharply in the run-up to the April 15 eosDAC airdrop and remained well bid after the event - something of a surprise since cryptocurrencies usually rally ahead of their airdrops and then drop in value afterwards.

Further, big names like Bitfinex, Huobi and Antpool are running as candidates to be EOS block producers and that may have boosted the token's appeal.

Clearly, EOS is in the news for all the right reasons, so a rally to record highs cannot be ruled out.

The high volume bull flag breakout signaled a bull market revival and opened the doors for a retest of the record high of $18.67.

Accordingly, EOS rallied to $16.14 Tuesday - the highest level since Jan. 13 - before falling to $14.18 today.

View EOS will likely set fresh record highs above $18.67 in the near-term.