EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 31st, 2021
It’s a bearish start to the day for the majors. Failure to move through the early highs would leave the majors under pressure on the day.
EOS
EOS rose by 0.31% on Sunday. Following a 1.58% decline on Saturday, EOS ended the week up by 40.67% to $6.0436.
A bearish start to the day saw EOS fall to an early morning intraday low $5.5439 before making a move.
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EOS fell through the first major support level at $5.5775 before rallying to a mid-day intraday high $6.3777.
Falling short of the 23.6% FIB of $6.52 and the first major resistance level at $6.6420, EOS fell back to sub-$6.00 levels.
Finding late support, however, EOS moved back through to $6.00 levels to end the day flat.
At the time of writing, EOS was down by 1.41% to $5.9586. A mixed start to the day saw EOS rise to an early morning high $6.1585 before falling to a low $5.8953.
EOS left the major support and resistance levels untested early on.
For the day ahead
EOS would need to move back through the $5.9884 pivot to bring the first major resistance level at $6.4329 into play.
Support from the broader market would be needed for EOS to break back through to $6.40 levels.
Barring a broad-based crypto rally, the first major resistance level and the 23.6% FIB of $6.52 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 $6.8222.
Failure to move back through the $5.9884 pivot and would bring the first major support level at $5.5991 into play.
Barring an extended sell-off, however, EOS should steer clear of sub-$5.50 levels. The second major support level at $5.1546 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $5.5991
First Major resistance Level: $6.4329
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 1.99% on Sunday. Partially reversing an 8.04% slide from Saturday, Stellar’s Lumen ended week up by 3.09% to $0.3748.
A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3459 before making a move.
Steering clear of the first major support level at $0.3370, Stellar’s Lumen rose to a mid-morning intraday high $0.3991.
Falling short of the first major resistance level at $0.4035, Stellar’s Lumen fell back to sub-$0.37 levels before finding support.
Finding late support, however, Stellar’s Lumen revisited $0.0.38 levels to before easing back.
At the time of writing, Stellar’s Lumen was up by 0.23% to $0.3757. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.3698 before striking a high $0.3847.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to avoid a fall back through the $0.3733 pivot to bring the first major resistance level at $0.4006 into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.40 levels.
Barring an extended rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.45 levels. The second major resistance level sits at $0.4265.
Failure to avoid a fall back through the $0.3733 pivot would bring the first major support level at $0.3474 into play.
Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of the 62% FIB of $0.3216. The second major support level sits at $0.3201.
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: $0.3474
First Major Resistance Level: $0.4006
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 rallied by 4.59% on Sunday. Reversing most of a 4.91% slide from Saturday, Tron’s TRX ended the week up by 13.45% to $0.07171.
Tracking the broader market, Tron’s TRX fell to an early morning intraday low $0.06632 before making a move.
Steering clear of the first major support level at $0.06538, Tron’s TRX rallied to a late morning intraday high $0.07357.
Tron’s TRX broke through the first major resistance level at $0.07324 before a pullback to sub-$0.071 levels.
Finding late support, however, Tron’s TRX revisited $0.073 levels before easing back. The first major resistance level at $0.07324 pinned Tron’s TRX back late in the day.
At the time of writing, Tron’s TRX was down by 0.21% to $0.07156. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.07309 before falling to a low $0.07113.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX would need to avoid a fall through the pivot at $0.07053 to bring the first major resistance level at $0.07475 and the 62% FIB of $0.07480 into play.
Support from the broader market would be needed, however, for Tron’s TRX to break out from Sunday’s high $0.07357.
Barring an extended crypto rally, the first major resistance level and the 62% FIB would likely cap any upside.
In the event of a broad-based crypto rally, Tron’s TRX could test the second major resistance level at $0.07778.
Failure to avoid a fall through the $0.07053 pivot would bring the first major support level at $0.06750 into play.
Barring an extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.06328.
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: $0.06750
First Major Resistance Level: $0.07475
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
