EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – February 1st, 2021
EOS
EOS rose by just 0.01% on Sunday. Following a 7.59% rally on Saturday, EOS ended the week up by 7.88% to $2.9330.
It was a mixed start to the day. Recovering from an early morning low $2.8317, EOS rallied to a late morning intraday high $3.0851.
Falling short of the first major resistance level at $3.1436, EOS slid to a late afternoon intraday low $2.7990.
Steering clear of the first major support level at $2.6924, EOS broke back through to $2.93 levels to end the day flat.
At the time of writing, EOS was up by 4.14% to $3.0544. A mixed start to the day saw EOS fall to an early morning low $2.8615 before striking a high $3.1937.
EOS broke through the first major resistance level at $3.0791 early on before easing back.
For the day ahead
EOS would need to avoid a fall back through the $2.9390 pivot level to support another run at the second major resistance level at $3.2251.
Support from the broader market would be needed, however, for EOS to break back through the first major resistance level at $3.0791.
Barring an extended crypto rally, resistance at $3.20 would likely leave EOS short of the second major resistance level.
In the event of an extended rally, EOS could test the second major resistance level at $3.2251 and resistance at $3.25.
Failure to avoid a fall back through the pivot level at $2.9390 would bring the first major support level at $2.7930 into play.
Barring another extended sell-off, however, EOS should steer clear of sub-$2.70 levels. The second major support level sits at $2.6529.
Looking at the Technical Indicators
First Major Support Level: $2.7930
First Major resistance Level: $3.0791
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 slid by 6.57% on Sunday. Partially reversing a 12.02% rally from Saturday, Stellar’s Lumen ended the week up by 13.19% to $0.3073.
A mixed start to the day saw Stellar’s Lumen fall to a mid-morning low $0.3107 before striking a late morning intraday high $0.3390.
Falling short of the first major resistance level at $0.3680, Stellar’s Lumen fell to a late afternoon intraday low $0.2940.
Steering clear of the first major support level at $0.2847, Stellar’s Lumen moved back through to $0.30 levels to reduce the deficit on the day.
At the time of writing, Stellar’s Lumen was down by 0.18% to $0.3068. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.3090 before falling to a low $0.2927.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to move through the $0.3134 pivot to bring the first major resistance level at $0.3329 into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.33 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3390 would likely cap any upside.
In the event of an extended rally, Stellar’s Lumen could test resistance at $0.36 before any pullback. The second major resistance level sits at $0.3584.
Failure to move through the $0.3134 pivot would bring the first major support level at $0.2879 into play.
Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.2684. The 38.2% FIB of $0.2823 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2879
First Major Resistance Level: $0.3329
23.6% FIB Retracement Level: $0.3187
38% FIB Retracement Level: $0.2823
62% FIB Retracement Level: $0.1850
Tron’s TRX
Tron’s TRX fell by 1.32% on Sunday. Following on from a 3.97% decline on Saturday, Tron’s TRX ended the week up by 7.88% to $0.03148.
A bearish start to the day saw Tron’s TRX fall to a mid-morning intraday low $0.03067 before making a move.
Steering clear of the first major support level at $0.03017, Tron’s TRX rose to a late morning intraday high $0.03498.
Tron’s TRX broke through the first major resistance level at $0.03391 before falling back to sub-$0.031 levels.
Finding late support, however, Tron’s TRX broke back through to $0.031 levels to reduce the deficit on the day.
At the time of writing, Tron’s TRX was up by 1.52% to $0.03196. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.03072 before rising to a high $0.03383.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX need to move back through the $0.03238 pivot to bring the first major resistance level at $0.03408 back into play.
Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.034 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.03498 would likely cap any upside.
In the event of an extended rally Tron’s TRX could resistance at $0.036 before any pullback. The second major resistance level sits at $0.03669.
Failure to move back through the $0.03238 pivot would bring the first major support level at $0.02977 and the 23.6% FIB of $0.0291 into play.
Barring an extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.029 levels. The second major support level sits at $0.02807.
Looking at the Technical Indicators
First Major Support Level: $0.02977
First Major Resistance Level: $0.03408
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
This article was originally posted on FX Empire
More From FXEMPIRE:
US Stock Futures Open Lower; Investors Eyeing Short-Squeeze Volatility Impact on Broad Market
Oil Price Fundamental Weekly Forecast – COVID-19 Worries, Vaccine Issues Weighing on Sentiment
GBP/USD Daily Forecast – Another Test Of Resistance At 1.3745
Honeywell’s Shares Fall as Q4 Profit Slumps About 13%; Target Price $210