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

By:
Bob Mason
Published: Jun 3, 2021, 01:10 UTC

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

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

In this article:

EOS

EOS rose by 1.13% on Wednesday. Partially reversing a 4.98% slide from Tuesday, EOS ended the day at $6.3774.

A bearish start to the day saw EOS fall to an early morning intraday low $6.1237 before making a move.

Steering clear of the first major support level at $5.9980, EOS rallied to a late afternoon intraday high $6.5491.

While falling short of the first major resistance level at $6.6901, EOS slid briefly broke through the 23.6% FIB of $6.52.

A late pullback, however, saw EOS fall back through the 23.6% FIB to end the day at sub-$2.64 levels.

At the time of writing, EOS was down by 1.44% to $6.2856. A mixed start to the day saw EOS rise to an early morning high $6.4132 before falling to a low $6.2745.

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

EOSUSD 030621 Hourly Chart

For the day ahead

EOS would need to move back through the $6.3501 pivot to bring the 23.6% FIB of $6.52 and the first major resistance level at $6.5764 into play.

Support from the broader market would be needed for EOS to break out from Wednesday’s high $6.5491.

Barring a broad-based crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $7.00 before any pullback. The second major resistance level sits at $6.7755.

Failure to move back through the $6.3501 pivot and would bring the first major support level at $6.1510 into play.

Barring an extended sell-off, however, EOS should steer clear of the second major support level at $5.9247.

Looking at the Technical Indicators

First Major Support Level: $6.1510

First Major resistance Level: $6.5764

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 0.07% on Wednesday. Following a 3.90% gain on Tuesday, Stellar’s Lumen ended the day at $0.4188.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.4047 before making a move.

Steering clear of the first major support level at $0.3851, Stellar’s Lumen rose to a mid-afternoon intraday high $0.4350.

Falling short of the first major resistance level at $0.4502, however, Stellar’s Lumen eased back to end the day at sub-$0.42 levels.

At the time of writing, Stellar’s Lumen was down by 1.00% to $0.4146. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.4230 before falling to a low $0.4141.

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

XLMUSD 030621 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move back through the $0.4195 pivot to bring the first major resistance level at $0.4343 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.43 levels.

Barring an extended rally, the first major resistance level and Wednesday’s high $0.4350 would likely cap any upside.

In the event of a broad-based crypto rally, Stellar’s Lumen could test the second major resistance level at $0.4498.

Failure to move back through the $0.4195 pivot would bring the first major support level at $0.4040 into play.

Barring an extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.40 levels. The second major support level sits at $0.3892.

A sustained fall through the 62% FIB of $0.3216 would form a near-term bearish trend from 16th May’s swing hi $0.7978.

Looking at the Technical Indicators

First Major Support Level: $0.4040

First Major Resistance Level: $0.4343

23.6% FIB Retracement Level: $0.6160

38% FIB Retracement Level: $0.5035

62% FIB Retracement Level: $0.3216

Tron’s TRX

Tron’s TRX rose by 2.44% on Wednesday. Reversing a 0.70% decline from Tuesday, Tron’s TRX ended the day at $0.07817.

Tracking the broader market, Tron’s TRX fell to an early morning intraday low $0.07438 before making a move.

While steering clear of the first major support level at $0.7382, Tron’s TRX fell back through the 62% FIB of $0.07480.

Finding early support, however, Tron’s TRX rallied to a mid-afternoon intraday high $0.07988.

Tron’s TRX broke back through the 62% FIB and through the first major resistance level at $0.07827.

Coming within range of the second major resistance level at $0.08023, Tron’s TRX fell back through the first major resistance level to $0.077 levels.

Finding late support, however, Tron’s TRX broke back through the first major resistance level at $0.07827 before ending the day at $0.0781 levels

At the time of writing, Tron’s TRX was down by 0.96% to $0.07742. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.07875 before falling to a low $0.07727.

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

TRXUSD 030621 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move back through $0.07748 pivot to bring the first major resistance level at $0.08057 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Wednesday’s high $0.07988.

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

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.085 before any pullback. The second major resistance level sits at $0.08298.

Failure to move back through the $0.07748 pivot would bring the 62% FIB of $0.07480 and the first major support level at $0.07507 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.070 levels. The second major support level at $0.07198 should limit the downside.

A sustained fall back through the 62% FIB of $0.0748 would form a near-term bearish trend from April’s swing hi $0.1844.

Looking at the Technical Indicators

First Major Support Level: $0.07507

First Major Resistance Level: $0.08057

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

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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