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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – December 22nd, 2020

By:
Bob Mason
Published: Dec 22, 2020, 01:17 UTC

It's a bearish start to the day for the majors. Failure to move through the day's pivot levels would bring support levels into play.

Coins of crypto currency are presented on a dark background. Virtual money concept.

In this article:

EOS

EOS slid by 6.55% on Monday. Reversing a 2.59% gain from Sunday, EOS ended the day at $2.9302.

A bullish start to the day saw EOS rise to an early morning intraday high $3.2862 before hitting reverse.

Falling short of the first major resistance level at $3.3208, EOS slid to a mid-day intraday low $2.8752.

The sell-off saw EOS fall through the first major support level at $2.9716 before finding support.

Steering clear of the second major support level at $2.8076, EOS revisited $3.07 levels before a 2nd sell-off.

EOS fell back through the first major support level to end the day at $2.93 levels.

At the time of writing, EOS was down by 1.07% to $2.8989. A mixed start to the day saw EOS rise to an early morning high $2.9559 before falling to a low $2.8850.

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

EOSUSD 221220 Daily Chart

For the day ahead

EOS would need to move through the $3.0305 pivot level to support a run at the first major resistance level at $3.1859.

Support from the broader market would be needed, however, for EOS to break back through to $3.10 levels.

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

In the event of another extended rally, EOS could test resistance at $3.30 before any pullback. The second major resistance level sits at $3.4415.

Failure to move through the pivot level at $3.0305 would bring the first major support level at $2.7749 into play.

Barring another extended sell-off, however, EOS should steer of sub-$2.70 levels. The second major support level sits at $2.6195.

Looking at the Technical Indicators

First Major Support Level: $2.7749

First Major resistance Level: $3.1859

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 slid by 6.46% on Monday. Following on from a 2.81% decline on Sunday, Stellar’s Lumen ended the day at $0.16517.

It was also a mixed start to the day. Stellar’s Lumen rose to an early morning intraday high $0.18040 before hitting reverse.

Falling short of the first major resistance level at $0.18155, Stellar’s Lumen slid to a mid-day intraday low $0.15998.

Stellar’s Lumen fell through the day’s major support levels before a partial recovery to $0.168 levels.

The late partial recovery saw Stellar’s Lumen move back through the third major support level at $0.16026. Late in the day, the second major support level at $0.16900 pinned Stellar’s Lumen back.

At the time of writing, Stellar’s Lumen was down by 1.59% to $0.16255. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.16678 before falling to a low $0.16235.

Stellar’s Lumen left the major support and resistance levels untested early on.

XLMUSD 221220 Daily Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.16852 pivot level to support a run at the first major resistance level at $0.17705.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.175 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.18040 would likely cap any upside.

In the event of another breakout, Stellar’s Lumen could test resistance at $0.1850 before any pullback. The second major resistance level sits at $0.18894.

Failure to move through the pivot level at $0.16852 would bring the first major support level at $0.15663 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.15 levels. The second major support level sits at $0.14810.

Looking at the Technical Indicators

First Major Support Level: $0.15663

First Major Resistance Level: $0.17705

23.6% FIB Retracement Level: $0.09280

38% FIB Retracement Level: $0.1333

62% FIB Retracement Level: $0.1989

Tron’s TRX

Tron’s TRX slid by 6.06% on Monday. Reversing a 0.69% gain from Sunday, Tron’s TRX ended the day at $0.029324.

Tracking the broader market, Tron’s TRX rose to an early morning intraday high $0.03221 before hitting reverse.

Falling short of the first major resistance level at $0.03296, Tron’s TRX slid to a mid-day intraday low $0.28424.

Tron’s TRX fell through the first major support level at $0.03010 and the second major support level at $0.02875.

More significantly, Tron’s TRX also fell through the 23.6% FIB of $0.0291 before finding support.

In the 2nd half of the day, Tron’s TRX briefly revisited $0.03080 levels before falling back to sub-$0.030 levels.

The 2nd pullback saw Tron’s TRX fall back through the first major support level to wrap up the day at $0.0293 levels.

Late in the day, the 23.6% FIB of $0.0291 limited the downside.

At the time of writing, Tron’s TRX was down by 0.15% to $0.02928. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.029809 before falling to a low $0.028805.

Tron’s TRX left the major support and resistance levels untested early on. The reversal saw Tron’s TRX briefly fall through the 23.6% FIB of $0.0291, however.

TRXUSD 221220 Daily Chart

For the Day Ahead

Tron’s TRX would need to move through the $0.02999 pivot to support a run at the first major resistance level at $0.03155.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.031 levels.

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

In the event of another breakout, Tron’s TRX could test resistance at $0.033 before any pullback. The second major resistance level sits at $0.03377.

Failure to move through the $0.02999 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02776 into play.

Barring another extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.027 levels. The second major support level sits at $0.02620.

Looking at the Technical Indicators

First Major Support Level: $0.02776

First Major Resistance Level: $0.03155

23.6% FIB Retracement Level: $0.0291

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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