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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – May 19th, 2021

EOS

EOS slumped by 38.93% on Wednesday. Reversing a 1.96% gain from Tuesday, EOS ended the day at $5.6981.

A mixed start to the day saw EOS rise to an early morning intraday high $9.4839 before hitting reverse.

EOS fell short of the 38.2% FIB of $9.68 and the first major resistance level at $9.9189.

The reversal saw EOS slide through the day’s major support levels and through the 23.6% FIB of $6.52 to a mid-day intraday low $4.3522.

Finding early afternoon support, EOS briefly broke back through the 23.6% to revisit $6.9 levels before sliding back.

At the time of writing, EOS was down by 10.01% to $5.1258. A bearish start to the day saw EOS fall from an early morning high $5.9453 to a low $5.1206.

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

EOSUSD 200521 Hourly Chart

For the day ahead

EOS would need to move through the $6.5114 pivot and the 23.6% FIB of $6.52 to bring the first major resistance level at $8.6706 into play.

Support from the broader market would be needed for EOS to break back through to $8.0 levels.

Barring a broad-based crypto rebound, resistance at $7.00 would likely leave EOS short of the major resistance levels, however.

In the event of an extended breakout, EOS could test resistance at the 38.2% FIB of $9.68. The second major resistance level sits at $11.6431.

Failure to move through the $6.5114 pivot and the 23.6% FIB would bring the first major support level at $3.5389 into play.

Barring another extended sell-off, however, EOS should steer clear of sub-$3.00 levels. The second major support level sits at $1.3797.

Looking at the Technical Indicators

First Major Support Level: $3.5389

First Major resistance Level: $8.6706

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 tumbled by 29.31% on Wednesday. Following a modest 0.36% rise on Tuesday, Stellar’s Lumen ended the day at $0.4565.

A mixed start to the day saw Stellar’s Lumen rose to an early morning intraday high $0.6559 before hitting reverse.

Falling short of the first major resistance level at $0.6862, Stellar’s Lumen slumped to a mid-day intraday low $0.3000.

The sell-off saw Stellar’s Lumen fall through the day’s major support levels and the 23.6% FIB of $0.6160 and 38.2% FIB of $0.5035.

More significantly, Stellar’s Lumen briefly fell through the 62% FIB of $0.3216 before briefly revisiting $0.53 levels.

Late in the day, however, Stellar’s Lumen fell back through the 38.2% FIB to end the day at sub-$0.50 levels.

The third major resistance level at $0.5249 pinned Stellar’s Lumen back late in the day.

At the time of writing, Stellar’s Lumen was down by 6.04% to $0.4289. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.4675 before falling to a low $0.4210.

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

XLMUSD 200521 Hourly Chart

For the day ahead

Stellar’s Lumen would need to move through the $0.4708 pivot and the 38.2% FIB of $0.5035 to bring the first major resistance level at $0.6416 into play.

Support from the broader market would be need, however, for Stellar’s Lumen to break out from the 23.6% FIB of $0.6160.

Barring an extended rally, the 38.2% FIB of $0.5035 would likely leave Stellar’s Lumen short the first major resistance level.

In the event of a broad-based crypto rebound, the first major resistance level at $0.6416 would likely cap any upside, however. The second major resistance level sits at $0.8267.

Failure to move through the $0.4708 pivot would bring the 62% FIB of $0.3216 and the first major support level at $0.2857 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 sits at $0.1149.

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

Looking at the Technical Indicators

First Major Support Level: $0.2857

First Major Resistance Level: $0.6416

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 slid by 32.26% on Wednesday. Reversing a 3.28% gain from Tuesday, Tron’s TRX ended the day at $0.07899.

Tracking the broader market, Tron’s TRX rose to an early morning intraday high $0.1183 before hitting reverse.

While falling short of the first major resistance level at $0.1207, Tron’s TRX broke through the 38.2% FIB of $0.1167.

The reversal, however, saw Tron’s TRX tumble through the day’s major support levels to a mid-day intraday low $0.0652.

Tron’s TRX also fell through the 38.2% FIB and, more significantly, the 62% FIB of $0.0748 before finding support.

Through the afternoon, Tron’s TRX broke back through the 62% FIB to revisit $0.089 levels before ending day at sub-$0.080 levels.

At the time of writing, Tron’s TRX was down by 4.95% to $0.07508. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.08176 before falling to a low $0.07350.

While leaving the major support and resistance levels untested, Tron’s TRX tested support at the 62% FIB of $0.07480 early on.

TRXUSD 200521 Hourly Chart

For the Day Ahead

Tron’s TRX would need to move through the pivot at $0.08750 to bring the first major resistance level at $0.1098 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.10 levels.

Barring an extended crypto rally, resistance at $0.10 would likely leave Tron’s TRX short of the first major resistance level.

In the event of a broad-based crypto rebound, Tron’s TRX could test resistance at the 38.2% FIB of $0.1167 before any pullback. The second major resistance level sits at $0.1406.

Failure to move through the $0.0875 pivot would bring the 62% FIB of $0.0748 and first major support level at $0.05669 into play.

Barring another extended sell-off, however, Tron’s TRX should steer clear of sub-$0.060 levels. The second major support level sits at $0.03440.

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: $0.05669

First Major Resistance Level: $0.10979

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