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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – February 3rd, 2021

By:
Bob Mason
Published: Feb 3, 2021, 01:55 UTC

It's a mixed start to the day for the majors. Avoiding the day's pivot levels would bring resistance levels into play.

Cryptomania

In this article:

EOS

EOS fell by 1.64% on Tuesday. Partially reversing a 4.36% rally from Monday, EOS ended the day at $3.0016.

A mixed start to the day saw EOS rise to an early morning intraday high $3.0988 before hitting reverse.

Falling short of the first major resistance level at $3.2993, EOS fell to a late afternoon intraday low $2.9488.

Steering clear of the first major support level at $2.8470, EOS broke back through to $3.00 levels to reduce the deficit.

At the time of writing, EOS was up by 0.89% to $3.0283. A mixed start to the day saw EOS fall to an early morning low $2.9474 before rising to a high $3.0877.

EOS tested the first major resistance level at $3.0840 early on.

EOSUSD 030221 Daily Chart

For the day ahead

EOS would need to avoid a fall back through the $3.0164 pivot level to support another run at the first major resistance level at $3.0840.

Support from the broader market would be needed, however, for EOS to break back through to $3.08 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $3.0988 would likely cap any upside.

In the event of an extended rally, EOS could test the second major resistance level at $3.20. The second major resistance level sits at $3.1664.

Failure to avoid a fall back through the pivot level at $3.0164 would bring the first major support level at $2.9340 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$2.90 levels. The second major support level sits at $2.8664.

Looking at the Technical Indicators

First Major Support Level: $2.9340

First Major resistance Level: $3.0840

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 rose by 5.13% on Tuesday. Following on from a 5.20% gain on Monday, Stellar’s Lumen ended the day at $0.3399.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3170 before making a move.

Steering clear of the first major support level at $0.2891, Stellar’s Lumen rallied to an early afternoon intraday high $0.3497.

While falling short of the first major resistance level at $0.3614, Stellar’s Lumen broke through the 23.6% FIB of $0.3426.

A bearish end to the day, however, saw Stellar’s Lumen fall back through the 23.6% FIB to end the day at sub-$0.34 levels.

At the time of writing, Stellar’s Lumen was up by 0.03% to $0.3400. A mixed start to the day saw Stellar’s Lumen rise to an early morning low high $0.3439 before falling to a low $0.3365.

While Stellar’s Lumen left the major support and resistance levels untested early on, Stellar’s Lumen tested resistance at the 23.6% FIB.

XLMUSD 030221 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.3355 pivot to bring the 23.6% FIB of $0.3426 and the first major resistance level at $0.3541 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.3497.

Barring an extended crypto rally, the first major resistance level and resistance at $0.36 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.3682.

Failure to avoid a fall through the $0.3355 pivot would bring the first major support level at $0.3214 into play.

Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.30 levels. The second major support level at $0.3028 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3214

First Major Resistance Level: $0.3541

23.6% FIB Retracement Level: $0.3426

38% FIB Retracement Level: $0.2823

62% FIB Retracement Level: $0.1850

Tron’s TRX

Tron’s TRX rose by 0.69% on Tuesday. Following on from Monday’s 5.53% rally, Tron’s TRX ended the day at $0.03339.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.03218 before making a move.

Steering clear of the first major support level at $0.03076, Tron’s TRX rose to a late morning intraday high $0.03403.

Falling short of the first major resistance level at $0.3576, Tron’s TRX fell back to $0.0324 levels and into the red before finding support.

Finding late support, however, Tron’s TRX revisited $0.337 levels before easing back.

At the time of writing, Tron’s TRX was down by 0.48% to $0.03323. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.03255 before rising to a high $0.03419.

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

TRXUSD 030221 Daily Chart

For the Day Ahead

Tron’s TRX need to avoid a fall back through the $0.03320 pivot to bring the first major resistance level at $0.03422 back into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.034 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.03450 would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.035 before any pullback. The second major resistance level sits at $0.03505.

Failure to avoid a fall back through the $0.03320 pivot would bring the first major support level at $0.03237 into play.

Barring an extended sell-off on the day, Tron’s TRX should steer clear of the second major support level at $0.03135.

Looking at the Technical Indicators

First Major Support Level: $0.03237

First Major Resistance Level: $0.03422

23.6% FIB Retracement Level: $0.03211

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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