EOS Price Analysis: EOS explodes 19%, Goldman Sachs veteran to lead the advisory board

EOS is currently trading at $2.8 after a massive price spike from a low of $2.48 just hours ago. The digital asset reacted extremely well to the recent news about the appointment of Martin Chavez as the leader for Block.one advisory board. 

Mr. Chavez’s appointment follows the recent announcement that Google is joining the EOS Public Blockchain as a Block Producer candidate. This support by leading financial and technology stakeholders demonstrates the continued mainstream endorsement for blockchain, and how EOSIO and Block.one are pioneering this industry.

Block.one is a software company focused on blockchain technology and it's the publisher of EOSIO. The digital asset had a pretty quiet 2020 after the peak in February at $5 and the crash at $2 in March. 

Brendan Blumer, CEO at Block.one said:

Marty’s extensive experience guiding a global financial institution, combined with his time spent founding and growing a tech start-up, makes him uniquely qualified to help us meet our goal of promoting universal blockchain adoption

Can EOS get more from this price explosion?

Let's see if something has changed for EOS now that it's up by more than 15% in a matter of hours. On the daily chart, the price managed to climb above several resistance levels but was rejected from the 50-SMA and the 100-SMA located at $2.85. 

EOS/USD daily chart

Although the breakout is definitely convincing, bulls will need to see continuation and to transform both SMAs into support levels. 

A strong rejection from both SMAs could drop EOS down to $2.6 in the short-term, but it's unlikely.