Yesterday, Block.one, the creator of the EOS blockchain announced a huge collaboration with Google Cloud which will help developers to build new applications on EOS. The official announcement by Google stated:
Google Cloud has partnered with Block.one and will become a block producer candidate to provide infrastructure in support of the EOS network, which is built on the EOSIO blockchain protocol published by Block.one. Google Cloud’s highly provisioned, low-latency global fiber optic network provides stability, reliability, security, and extensive global infrastructure coverage for Block.one’s public blockchain efforts and development.
Furthermore, Block.one also announced the appointment of R. Martin Chavez, a veteran investor that previously worked for Goldman Sachs, to Chair Advisory Board.
Mr. Chavez transformed Wall Street’s trading business into a software business, revolutionizing the way capital moves and works. He brings to his role at Block.one in-depth technical expertise and unparalleled experience at the intersection of finance, entrepreneurship and tech.
Both news together had a significant impact on the price of EOS which exploded from $2.45 towards $2.97.
EOS Bull Rally Was Short-Lived
Despite the massive news, EOS is already trading 11% lower than its peak at $2.97. In fact, the price touched $2.59 today, which is fairly close to the price before the announcements. It seems that bulls weren’t strong enough to keep the digital asset above the 26-EMA, however, they are currently defending the 12-EMA.

EOS/USD Daily Chart – TradingView
This massive rejection shows that bears are still applying 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 defended on several occasions 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 bounce towards the $2.97 high. The RSI was briefly overextended but has cooled off while trading volume continues dropping.
The most critical resistance level is the 200-SMA at $2.66, the price has failed to stay above this level several times in the past 24 hours. Bulls need to break out above this SMA.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analyses!
It is super easy to buy Bitcoin. Just take a look at our exchange comparison!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from EOS
EOS Price Analysis – Price Drops 3% Below Crucial Levels
EOS is currently trading at $2.53 after a significant slip today from a high of $2.61 to $2.49. Trading volume …
EOS Price Analysis: What’s Next For EOS Price?
The fluctuation in EOS price continues. Despite the big news of a partnership with Google, the EOS/USD price has gained only 8.85% …
EOS Price Forecast – Is A Bull Run Imminent?
We recently talked about an upcoming increase in the EOS price. After today's +15% move, we have to ask ourselves …