Advertisement
Advertisement

EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – October 6th, 2021

By:
Bob Mason
Published: Oct 6, 2021, 00:35 UTC

Following Tuesday's rally, avoiding the day's pivot levels would support another breakout day ahead...

Depositphotos_179061572_s-2019

In this article:

EOS

EOS rose by 2.80% on Tuesday. Reversing a 0.87% loss from Monday, EOS ended the day at $4.7279.

A bullish start to the day saw EOS rise to a late morning intraday high $4.7907 before hitting reverse.

EOS broke through the first major resistance level at $4.7803 before sliding to an early afternoon intraday low $4.5507.

Steering clear of the first major support level at $4.3792, however, EOS found late support to end the day at $4.7 levels.

At the time of writing, EOS was up by 0.04% to $4.7298. A mixed start to the day saw EOS fall to an early morning low $4.7237 before rising to a high $4.8093.

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

EOSUSD 061021 Hourly Chart

For the day ahead

EOS would need to avoid the $4.6898 pivot to bring the first major resistance level at $4.8288 into play.

Support from the broader market would be needed to break out from Tuesday’s high $4.7907.

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

In the event of an extended rally, EOS could test resistance at $5.00 before any pullback. The second major resistance level sits at $4.9298.

A fall through the $4.6898 pivot would bring the first major support level at $4.5888 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$4.50 levels. The second major support level sits at $4.4498.

Looking at the Technical Indicators

First Major Support Level: $4.5888

First Major resistance Level: $4.8288

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 2.77% on Tuesday. Reversing a 1.46% fall from Monday, Stellar’s Lumen ended the day at $0.3191.

A bullish start to the day saw Stellar’s Lumen rise to an early morning high $0.3194 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.3184 before falling to an early afternoon intraday low $0.3083.

Steering clear of the first major support level at $0.2997, however, Stellar’s Lumen rallied to a late intraday high $0.3204.

Stellar’s Lumen broke back through the first major resistance level to end the day at $0.319 levels.

At the time of writing, Stellar’s Lumen was down by 0.22% to $0.3184. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.3196 before falling to a low $0.3177.

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

XLMUSD 061021 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid the $0.3159 pivot to bring the first major resistance level at $0.3236 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.3204.

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

In the event of a broad-based crypto rally, Stellar’s Lumen could test resistance at $0.33 levels before any pullback. The second major resistance level sits at $0.3280.

A fall through the $0.3159 pivot would bring the first major support level at $0.3115 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.30 levels. The second major support level at $0.3038 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3115

First Major Resistance Level: $0.3236

23.6% FIB Retracement Level: $0.3402

38% FIB Retracement Level: $0.4277

62% FIB Retracement Level: $0.5690

Tron’s TRX

Tron’s TRX rallied by 2.94% on Tuesday. Reversing a 1.52% decline from Monday, Tron’s TRX ended the day at $0.09631.

A mixed start to the day saw Tron’s TRX rise to a late morning high $0.09664 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.09618 before sliding to an early afternoon intraday low $0.09279.

Steering clear of the first major support level at $0.09030, however, Tron’s TRX rallied to a late intraday high $0.09873 before easing back.

Tron’s TRX broke back through the first major resistance level at $0.09618 to end the day at $0.0963 levels.

At the time of writing, Tron’s TRX was up by 0.23% to $0.09653. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.09550 before rising to a high $0.09680.

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

TRXUSD 061021 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall back through the $0.09594 pivot to bring the 38.2% FIB of $0.09890 and the first major resistance level at $0.09910 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.09873.

Barring an extended crypto rally, the first major resistance level and resistance at $0.10 would likely cap the upside.

In the event of a broad-based crypto rally, Tron’s TRX could test the second major resistance level at $0.1019 before any pullback.

A fall back through the $0.09594 pivot would bring the first major support level at $0.09316 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.090 levels. The second major support level at $0.09000 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.09316

First Major Resistance Level: $0.09910

23.6% FIB Retracement Level: $0.0787

38.2% FIB Retracement Level: $0.0989

62% FIB Retracement Level: $0.1316

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.

Did you find this article useful?

Advertisement