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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 6th, 2021

·6 min read

EOS

EOS surged by 37.57% on Wednesday. Reversing a 6.86% fall from Tuesday, EOS ended the day at $8.7303.

A bearish start to the day saw EOS fall to an early morning intraday low $6.2092 before making a move.

Steering clear of the first major support level at $6.0136, EOS rallied to a late intraday high $8.8413.

EOS broke through the 23.6% FIB of $6.52 and the day’s major resistance levels to wrap up the day at $8.70 levels.

At the time of writing, EOS was up by 2.49% to $8.9477. A mixed start to the day saw EOS rise to an early morning high $9.2876 before falling to a low $8.6045.

EOS left the major support and resistance levels untested early on.

For the day ahead

EOS would need to avoid a fall through the pivot at $7.9269 to bring the first major resistance level at $9.6447 and 38.2% FIB of $9.68 into play.

Support from the broader market would be needed for EOS to break back through to $9.00 levels.

Barring an extended rally throughout the day, the first major resistance level and the 38.2% FIB will likely cap the upside.

In the event of another extended breakout, EOS could test resistance at $10.0 levels. The second major resistance level sits at $10.5590.

Failure to avoid a fall through the $7.9269 pivot would bring the first major support level at $7.0126 and the 23.6% FIB of $6.52 into play.

Barring an extended sell-off, however, EOS should steer well clear of sub-$6.00 levels. The second major support level sits at $5.2948.

Looking at the Technical Indicators

First Major Support Level: $7.0126

First Major resistance Level: $9.6447

23.6% FIB Retracement Level: $6.52

38% FIB Retracement Level: $9.68

62% FIB Retracement Level: $14.77

Stellar’s Lumen

Stellar’s Lumen jumped by 20.59% on Wednesday. Reversing an 8.82% loss from Tuesday, Stellar’s Lumen ended the day at $0.6055.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.4980 before making a move.

Steering clear of the first major support level at $0.4815, Stellar’s Lumen rallied to a late intraday high $0.6065.

The breakout saw Stellar’s Lumen break through the first major resistance level at $0.5373 and the second major resistance level at $0.5722.

Stellar’s Lumen also broke through the 23.6% FIB of $0.5342.

Falling short of the third major resistance level at $0.628, Stellar’s Lumen fell back to $0.57 levels before ending the day at $0.60 levels.

At the time of writing, Stellar’s Lumen was up by 4.72% to $0.6341. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.6031 before striking a high $0.6500.

Stellar’s Lumen broke through the first major resistance level at $0.6420 early on.

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.5700 pivot to bring the first major resistance level at $0.6420 back into play.

Support from the broader market would be need, however, for Stellar’s Lumen to break back through to $0.64 levels.

Barring a broad-based crypto rebound, the first major resistance level and this morning’s high $0.6500 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.6785 and resistance at $0.70.

Failure to avoid a fall through the $0.5700 pivot would bring the 23.6% FIB of $0.5342 and the first major support level at $0.5335 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.50 levels. The second major support level sits at $0.4615.

Looking at the Technical Indicators

First Major Support Level: $0.5335

First Major Resistance Level: $0.6420

23.6% FIB Retracement Level: $0.5342

38% FIB Retracement Level: $0.4373

62% FIB Retracement Level: $0.2808

Tron’s TRX

Tron’s TRX jumped by 23.39% on Wednesday. Reversing a 9.76% loss from Tuesday, Tron’s TRX ended the day at $0.1472.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.1228 before making a move.

Steering clear of the 38.2% FIB of $0.1167 and the first major support level at $0.1140, Tron’s TRX rallied to a late intraday high $0.1472.

Tron’s TRX broke through the first major resistance level at $0.1284 and the second major resistance level at $0.1375.

The extended rally also saw Tron’s TRX break back through the 23.6% FIB of $0.1426 to end the day at $0.147 levels.

At the time of writing, Tron’s TRX was down by 2.46% to $0.1436. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.1496 before falling to a low $0.143.

Tron’s TRX left the major support and resistance levels untested early on.

For the Day Ahead

Tron’s TRX would need to avoid a fall through the 23.6% FIB of $0.1426 and the pivot at $0.1372 to bring the first major resistance level at $0.1572 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from this morning’s high $0.1496.

Barring an extended crypto rally, the first major resistance level and resistance at $0.16 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at $0.18 levels. The second major resistance level sits at $0.1671.

Failure to avoid a fall through the 23.6% FIB and the $0.1372 pivot would bring the first major support level at $0.1273 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.12 levels and the 38.2% FIB of $0.1167. The second major support level sits at $0.1073.

Looking at the Technical Indicators

First Major Support Level: $0.1273

First Major Resistance Level: $0.1572

23.6% FIB Retracement Level: $0.1426

38.2% FIB Retracement Level: $0.1167

62% FIB Retracement Level: $0.0748

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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