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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – February 8th, 2021

By:
Bob Mason
Published: Feb 8, 2021, 01:09 UTC

It's a mixed start to the day for the majors. A move back through early morning highs would support a breakout on the day.

Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

In this article:

EOS

EOS rallied by 7.04% on Sunday. Reversing a 2.94% loss from Saturday, EOS ended the week up by 17.49% to $3.4429.

A mixed start to the day saw EOS fall to an early morning intraday low $3.0290 before making a move.

EOS fell through the first major support level at $3.1009 before striking to an early afternoon intraday high $3.6010.

The rally saw EOS broke through the first major resistance level at $3.3424 and the second major resistance level at $3.4675.

Hitting reverse mid-afternoon, however, EOS fell back through the resistance levels to sub-$3.30 levels.

Finding late support, however, EOS broke back through the first major resistance level to end the day at $3.44 levels.

At the time of writing, EOS was down by 0.95% to $3.4100. A mixed start to the day saw EOS rise to an early morning high $3.4902 before falling to a low $3.3878.

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

EOSUSD 080221 Daily Chart

For the day ahead

EOS would need to avoid a fall through the $3.3576 pivot level to support a run at the first major resistance level at $3.6863.

Support from the broader market would be needed, however, for EOS to break back through to $3.60 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3.70 would likely cap any upside.

In the event of an extended rally, EOS could test the second major resistance level at $4.00. The second major resistance level sits at $3.9296.

Failure to avoid a fall through the pivot level at $3.3576 would bring the first major support level at $3.1143 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.00 levels. The second major support level sits at $2.7856.

Looking at the Technical Indicators

First Major Support Level: $3.1143

First Major resistance Level: 3.6863

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 1.92% on Sunday. Following on from 7.29% rally on Saturday, Stellar’s Lumen ended the week up by 25.5% to $0.3859.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3635 before making a move.

Steering clear of the first major support level at $0.3442, Stellar’s Lumen rallied to an early afternoon intraday high $0.4234.

Stellar’s Lumen broke through the first major resistance level at $0.4053 before sliding back to $0.36 levels.

Finding late afternoon support, however, Stellar’s Lumen recovered to $0.38 levels to deliver the upside on the day.

At the time of writing, Stellar’s Lumen was up by 0.13% to $0.3864. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3812 before striking a high $0.3980.

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

XLMUSD 080221 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through the $0.3909 pivot to bring the first major resistance level at $0.4184 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.41 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.42 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test the second major resistance level at $0.4508.

Failure to move back through the $0.3909 pivot would bring the first major support level at $0.3585 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.35 levels. The second major support level sits at $0.3310.

Looking at the Technical Indicators

First Major Support Level: $0.3585

First Major Resistance Level: $0.4184

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 1.13% on Sunday. Partially reversing a 2.86% loss from Saturday, Tron’s TRX ended the week up by 13.64% to $0.03575.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.03799 before making a move.

Steering clear of the first major support level at $0.0332, Tron’s TRX rose to an early afternoon intraday high $0.03799.

Tron’s TRX broke through the first major resistance level at $0.03502 before a slide back to $0.034 levels.

Finding late support, however, Tron’s TRX broke back through the first major resistance level to end the day at $0.0357 levels.

At the time of writing, Tron’s TRX was down by 0.82% to $0.03604. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.03681 before falling to a low $0.03562.

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

TRXUSD 080221 Daily Chart

For the Day Ahead

Tron’s TRX need to avoid a fall back through the $0.03584 pivot to bring the first major resistance level at $0.03790 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.037 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.03799 would likely cap any upside.

In the event of an extended rally Tron’s TRX could resistance at $0.040 before any pullback. The second major resistance level sits at $0.04004.

Failure to avoid a fall back through the $0.03584 pivot would bring the first major support level at $0.03370 into play.

Barring an extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.033 levels. The second major support level sits at $0.03164.

Looking at the Technical Indicators

First Major Support Level: $0.03370

First Major Resistance Level: $0.03790

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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