Yesterday, Block.one, the inventor of the EOS blockchain, announced a full collaboration with Google Cloud that will help developers build new applications on EOS. The official announcement from Google states:
Google Cloud has partnered with Block.one and will be a candidate for block producers to provide infrastructure to support the EOS network based on the EOSIO blockchain protocol published by Block.one. Google Cloud’s highly deployed, low-latency global fiber network provides stability, reliability, security, and extensive global infrastructure coverage for Block.one’s public blockchain efforts and developments.
In addition, Block.one announced the appointment of R. Martin Chavez, a veteran investor who previously worked for Goldman Sachs, as Chairman of the Advisory Board.
Mr. Chavez turned Wall Street’s trading business into a software business and revolutionized the way capital moves and works. He brings in-depth technical know-how and unparalleled experience at the intersection of finance, entrepreneurship and technology to his role at Block.one.
Both news together had a significant impact on the price of EOS, which skyrocketed from $ 2.45 to $ 2.97.
The EOS Bull Rally was short-lived
Despite the massive news, EOS is already trading 11% below its high of $ 2.97. In fact, the price hit $ 2.59 today, which is pretty close to what it was before the announcements. It appears that bulls have not been strong enough to keep digital wealth above the 26 EMA, but they are currently defending the 12 EMA.
EOS / USD Daily Chart – TradingView
This massive rejection shows that bears are still putting a lot of selling pressure and the daily downtrend could still be in play if the 12 EMA is lost.
The most critical short-term support level is also the 2.43 level, which has been defended several times in the past.
EOS / USD 4-Hour Chart – TradingView
On the 4-hour chart, the price is stabilizing above the 12-EMA at $ 2.62. Bulls need to hold this support level if they want to see a rebound towards the high of $ 2.97. The RSI was briefly overextended but has cooled while trading volume continues to decline.
The most critical level of resistance is the 200 SMA at $ 2.66. The price has not stayed above this level several times in the last 24 hours. Bulls need to break out above this SMA.
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