EOS Price Analysis: Key Uptrend Support Intact at $0.70

EOS price started a downside correction below the $0.765 zone against the US Dollar.
The price is now trading below $0.745 and the 55 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.714 on the 4-hour chart of the EOS/USD pair (data feed from Coinbase).
The pair could continue to move down if it stays below the $0.745 and $0.768 resistance levels.

EOS price is declining below $0.768 against the US Dollar, unlike Bitcoin. The price could attempt a fresh increase unless there is a break below $0.70.

EOS Price Analysis

Earlier this month, EOS price climbed higher above the $0.75 resistance zone against the US Dollar. The price surpassed the $0.80 level and settled above the 55 simple moving average (4 hours).

A high was formed near $0.8070 before the price started a downside correction. The price declined below the $0.768 support zone. There was a drop below the 50% Fib retracement level of the key increase from the $0.6410 swing low to the $0.8070 high.

However, the bulls were active near the $0.70 support. The price is also stable above the 61.8% Fib retracement level of the key increase from the $0.6410 swing low to the $0.8070 high.

More importantly, there is a major bullish trend line forming with support near $0.714 on the 4-hour chart of the EOS/USD pair. The pair is now trading below $0.768 and the 55 simple moving average (4 hours).

On the downside, immediate support is near the $0.714 level and the trend line. The next key support is near the $0.70 level. If there is a downside break below the $0.70 support, the price could revisit the $0.64 support. On the upside, immediate resistance is near the $0.745 level. The first major resistance is near the $0.768 level, above which the price could rise steadily toward the $0.80 level. Any more gains might send the price toward the $0.848 level.

Looking at the chart, EOS price is now trading below the $0.745 level and the 55 simple moving average (4 hours). Overall, the price could continue to move down if it stays below the $0.745 and $0.768 resistance levels.