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EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – June 1st, 2021

By:
Bob Mason
Published: Jun 1, 2021, 01:24 UTC

It's a relatively bullish start to the day for the majors. Steering clear of the day's pivot levels would support further upside on the day.

E-coins on tablet computer with charts on screen

In this article:

EOS

EOS rallied by 9.89% on Monday. Following a 0.31% gain on Sunday, EOS ended the month up by 2.79% to $6.6409.

A bearish start to the day saw EOS fall to an early morning intraday low $5.7466 before making a move.

Steering clear of the first major support level at $5.5991, EOS rallied to a late intraday high $6.6857.

EOS broke through the first major resistance level at $6.4329 and the 23.6% FIB of $6.52 to end the day at $6.64 levels.

At the time of writing, EOS was up by 0.60% to $6.6809. A mixed start to the day saw EOS fall to an early morning low $6.5226 before rising to a high $6.8641.

While leaving the major support and resistance levels untested, EOS did test support at the 23.6% FIB of $6.52 early on.

EOSUSD 010621 Hourly Chart

For the day ahead

EOS would need to avoid a fall through the 23.6% FIB and the $6.3577 pivot to bring the first major resistance level at $6.9689 into play.

Support from the broader market would be needed for EOS to break out from the morning high $6.8641.

Barring a broad-based crypto rally, the first major resistance level and resistance at $7.00 would likely cap any upside.

In the event of an extended rally, EOS could test resistance at $7.50 before any pullback. The second major resistance level sits at $7.2968.

A fall through the 23.6% FIB and the $6.3577 pivot and would bring the first major support level at $6.0298 into play.

Barring an extended sell-off, however, EOS should steer clear of sub-$6.00 levels. The second major support level sits at $5.4186.

Looking at the Technical Indicators

First Major Support Level: $6.0298

First Major resistance Level: $6.9689

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 7.42% on Monday. Following on from a 1.99% gain on Sunday, Stellar’s Lumen ended month down by 24.12% to $0.4025.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.3655 before making a move.

Steering clear of the first major support level at $0.3474, Stellar’s Lumen rose to a late morning intraday high $0.4100.

Stellar’s Lumen broke through the first major resistance level at $0.4006 before falling back to sub-$0.39 levels.

Finding late support, Stellar’s Lumen ended the day at $0.40 levels. The first major resistance level pinned Stellar’s Lumen back late in the day.

At the time of writing, Stellar’s Lumen was up by 2.00% to $0.4106. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.4001 before rising to a high $0.4144.

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

XLMUSD 010621 Hourly Chart

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.3927 pivot to bring the first major resistance level at $0.4198 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.4150 levels.

Barring an extended rally, the first major resistance level and resistance at $0.42 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 $0.4372.

Failure to avoid a fall through the $0.3927 pivot would bring the first major support level at $0.3753 into play.

Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.35 levels. The second major support level sits at $0.3482.

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: $0.3753

First Major Resistance Level: $0.4198

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 rose by 7.18% on Monday. Following a 4.59% gain on Sunday, Tron’s TRX ended the month down by 41.92% to $0.07686.

Tracking the broader market, Tron’s TRX fell to an early morning intraday low $0.06958 before making a move.

Steering clear of the first major support level at $0.06750, Tron’s TRX rallied to a late intraday high $0.07730 before easing back.

Tron’s TRX broke through the first major resistance level at $0.07475 and the 62% FIB of $0.07480 to end the day at $0.76 levels.

At the time of writing, Tron’s TRX was up by 0.73% to $0.07742. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.07578 before rising to a high $0.07850.

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

TRXUSD 010621 Hourly Chart

For the Day Ahead

Tron’s TRX would need to avoid a fall through the 62% FIB of $0.07480 and the $0.07458 pivot to bring the first major resistance level at $0.07958 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.07850.

Barring an extended crypto rally, the first major resistance level and resistance at $0.080 would likely cap any upside.

In the event of a broad-based crypto rally, Tron’s TRX could test resistance at $0.085 before any pullback. The second major resistance level sits at $0.8230.

Failure to avoid a fall through the 62% FIB and the $0.07458 pivot would bring the first major support level at $0.07186 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.070 levels. The second major support level sits at $0.06686.

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.

First Major Resistance Level: $0.

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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