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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – February 9th, 2021

By:
Bob Mason
Published: Feb 9, 2021, 01:13 UTC

It's a mixed start to the day for the majors. Steering clear of the day's pivot levels, however, would support further gains in the day ahead.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

In this article:

EOS

EOS rose by 4.45% on Monday. Following on from a 7.04% rally on Sunday, EOS ended the day at $3.5973.

A bullish start to the day saw EOS rally to a mid-day intraday high $3.7556 before hitting reverse.

EOS broke through the first major resistance level at $3.6863 before sliding to an early afternoon intraday low $3.2151.

Steering clear of the first major support level at $3.1143, EOS revisited $3.68 levels before easing back.

The rebound saw EOS come up against the first major resistance level before ending the day at sub-$3.60 levels.

At the time of writing, EOS was down by 0.19% to $3.5904. A mixed start to the day saw EOS rise to an early morning high $3.5915 before falling to a low $3.5556.

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

EOSUSD 090221 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the $3.5227 pivot level to support a run at the first major resistance level at $3.8302.

Support from the broader market would be needed, however, for EOS to break out from Monday’s high $3.7556.

Barring an extended crypto rally, the first major resistance level and resistance at $3.85 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 $4.0632.

Failure to avoid a fall through the pivot level at $3.5227 would bring the first major support level at $3.2897 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$3.00 levels. The second major support level sits at $2.9822.

Looking at the Technical Indicators

First Major Support Level: $3.2897

First Major resistance Level: $3.8302

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 2.85% on Monday. Following on from a 1.92% gain on Sunday, Stellar’s Lumen ended the day at $0.3971.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3737 before making a move.

Steering clear of the first major support level at $0.3585, Stellar’s Lumen rallied to an early afternoon intraday high $0.4040.

Falling short of the first major resistance level at $0.4184, Stellar’s Lumen fell back to end the day at sub-$0.40 levels.

At the time of writing, Stellar’s Lumen was down by 0.52% to $0.3950. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.39999 before falling to a low $0.3945.

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

XLMUSD 090221 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.3916 pivot to bring the first major resistance level at $0.4095 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.4040.

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

In the event of an extended rally, Stellar’s Lumen could test resistance at $0.45 before any pullback. The second major resistance level sits at $0.4219.

Failure to move avoid a fall through the $0.3916 pivot would bring the first major support level at $0.3792 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.3613.

Looking at the Technical Indicators

First Major Support Level: $0.3792

First Major Resistance Level: $0.4095

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 jumped by 11.70% on Monday. Following on from a 1.13% gain on Sunday, Tron’s TRX ended the day at $0.04038.

A mixed start to the day saw Tron’s TRX rise to a mid-day high $0.04081 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.03790 and the second major resistance level at $0.04004.

The reversal saw Tron’s TRX slide to an early afternoon intraday low $0.03430 before finding support.

Steering clear of the first major support level at $0.03370, Tron’s TRX surged to a final hour intraday high $0.04251.

Tron’s TRX broke back through the first major resistance level and second major resistance level.

A late pullback saw Tron’s TRX test support at the second major resistance level at $0.04004 before ending the day at $0.0403 levels.

At the time of writing, Tron’s TRX was up by 1.71% to $0.04107. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.03979 before rising to a high $0.04233.

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

TRXUSD 090221 Hourly Chart

For the Day Ahead

Tron’s TRX need to avoid a fall through the $0.03906 pivot to bring the first major resistance level at $0.04383 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the 38.2% FIB of $0.04280.

Barring an extended crypto rally, the first major resistance level and resistance at $0.045 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test the second major resistance level at $0.04727.

Failure to avoid a fall through the $0.03906 pivot would bring the first major support level at $0.03562 into play.

Barring an extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.035 levels. The second major support level sits at $0.03085.

Looking at the Technical Indicators

First Major Support Level: $0.03562

First Major Resistance Level: $0.04383

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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