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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 17th, 2021

By:
Bob Mason
Published: May 17, 2021, 01:13 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.

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

In this article:

EOS

EOS fell by 1.24% on Sunday. Following an 8.25% slide from Saturday, EOS ended the week down by 3.91% to $10.1182.

After a mixed start to the day saw EOS rose to a late morning intraday high $11.2392.

Falling short of the first major resistance level at $11.4245, however, EOS slid to a late intraday low $9.4212.

EOS fell through the 38.2% FIB of $9.68 and the first major support level at $9.5857 before a partial recovery to $10.1 levels.

At the time of writing, EOS was down by 4.33% to $9.6797. A mixed start to the day saw EOS rise to an early morning high $10.1376 before sliding to a low $9.6506.

While leaving the major support and resistance levels untested, EOS fell through the 38.2% FIB of $9.68.

EOSUSD 170521 Hourly Chart

For the day ahead

EOS would need to move through the 38.2% FIB and the $10.2595 pivot to bring the first major resistance level at $11.0979 into play.

Support from the broader market would be needed for EOS to break back through to $11.00 levels.

Barring another extended rally throughout the day, the first major resistance level and Sunday’s high $11.2392 would likely cap the upside.

In the event of another extended breakout, EOS could test resistance at $12 levels. The second major resistance level sits at $12.0775.

Failure to move through the 38.2% FIB of $9.68 and the $10.2595 pivot would bring the first major support level at $9.2799 into play.

Barring another extended sell-off, however, EOS should steer clear of the second major support level at $8.4415.

Looking at the Technical Indicators

First Major Support Level: $9.2799

First Major resistance Level: $11.0979

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 rallied by 4.32% on Sunday. Following on from a 1.84% gain on Saturday, Stellar’s Lumen ended the week up by 13.14% to $0.7116.

A mixed start to the day saw Stellar’s Lumen rally to a late morning intraday high and a new swing hi $0.7978.

Stellar’s Lumen broke through the first major resistance level at $0.7337 and the second major resistance level at $0.7857.

Falling short of $0.80 levels, Stellar’s Lumen slid to a late intraday low $0.6590.

Steering clear of the first major support level at $0.6399, Stellar’s lumen broke back through to $0.71 levels.

At the time of writing, Stellar’s Lumen was down by 4.12% to $0.6823. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.7139 before falling to a low $0.6800.

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

XLMUSD 170521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move through the pivot level at $0.7228 to bring the first major resistance level at $0.7866 into play.

Support from the broader market would be need, however, for Stellar’s Lumen to break out from $0.75 levels.

Barring an extended rally, the first major resistance level and Sunday’s new swing hi $0.7978 would likely cap any upside.

In the event of an extended rally, Stellar’s Lumen could test resistance at $0.85 before any pullback. The second major resistance level sits at $0.8616.

Failure to move through the $0.7228 pivot would bring the first major support level at $0.6478 into play.

Barring an extended sell-off on the day, however, Stellar’s Lumen should steer clear of the second major support level at $0.5840. The 23.6% FIB of $0.6160 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.6478

First Major Resistance Level: $0.7866

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 fell by 1.00% on Sunday. Following a 3.59% loss from Saturday, Tron’s TRX ended the week down by 16.76% to $0.1194.

Tracking the broader market, Tron’s TRX rallied to a late morning intraday high $0.1317.

Tron’s TRX broke through the first major resistance level at $0.1261 before hitting reverse.

Coming up against the second major resistance level at $0.1315, Tron’s TRX slid to a late intraday low $0.1145.

The reversal saw Tron’s TRX fall through the 38.2% FIB and the first major support level at $0.1167 before ending the day at $0.119 levels.

At the time of writing, Tron’s TRX was down by 1.97% to $0.1170. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.1200 before falling to a low $0.1166.

While leaving the major support and resistance levels untested, Tron’s TRX tested support at the 38.2% FIB of $0.1167.

TRXUSD 170521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move through the pivot at $0.1219 to bring the first major resistance level at $0.1292 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.12 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.1317 would likely cap any upside.

In the event of an extended rally Tron’s TRX could test resistance at the 23.6% FIB of $0.1426 before any pullback. The second major resistance level sits at $0.1391.

Failure to move through the $0.1219 pivot would bring the 38.2% FIB of $0.1167 and the first major support level at $0.1120 into play.

Barring another extended sell-off, Tron’s TRX should steer clear of sub-$0.10 levels. The second major support level at $0.1047 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1120

First Major Resistance Level: $0.1292

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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