EOS, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – October 22nd, 2020

Bob Mason
·5-min read

EOS

EOS rose by 3.24% on Wednesday. Reversing a 2.04% slide from Tuesday, EOS ended the day at $2.6105.

It was a mixed start to the day. EOS fell to an early morning intraday low $2.5129 before making a move.

Steering clear of the first major support level at $2.4856, EOS rallied to a final hour intraday high $2.7264.

EOS broke through the first major resistance level at $2.5800 and the second major resistance level at $2.6314.

Coming up against the third major resistance level at $2.7258, EOS slid back to $2.55 levels. Finding support from the broader market, however, EOS recovered to wrap up the day at $2.61 levels.

At the time of writing, EOS was up by 1.21% to $2.6419. A mixed start to the day saw EOS fall to an early morning low $2.5987 before rising to a high $2.6494.

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

For the day ahead

EOS would need to avoid a fall back through the $2.6166 pivot level to support a run at the first major resistance level at $2.7203.

Support from the broader market would be needed, however, for EOS to break back through to $2.70 levels

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

Failure to avoid a fall back through the pivot level at $2.6166 would bring the first major support level at $2.5068 into play.

Barring another extended sell-off, however, EOS should steer of sub-$2.50 levels and the second major support level at $2.4031.

Looking at the Technical Indicators

First Major Support Level: $2.5068

First Major resistance Level: $2.7203

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 3.68% on Wednesday. Partially reversing a 5.01% slide from Tuesday, Stellar’s Lumen ended the day at $0.083896.

It was a bearish start to the day. Stellar’s Lumen fell to an early morning intraday low $0.080452 before making a move.

Steering well clear of the first major support level at $0.07866, Stellar’s Lumen rallied to a late afternoon intraday high $0.086657.

Stellar’s Lumen broke through the first major resistance level at $0.08501 before falling back to sub-$0.084 levels.

At the time of writing, Stellar’s Lumen was up by 1.02% to $0.084753. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.083824 to a high $0.084907.

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 through the $0.08367 pivot to support a run at the first major resistance level at $0.08688.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.086 levels.

Barring another broad-based crypto rally, the first major resistance level and Wednesday’s high $0.086657 would likely cap any upside.

Failure to avoid a fall through the $0.08367 pivot level would bring the first major support level at $0.08068 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.080 levels. The second major support level sits at $0.07746.

Looking at the Technical Indicators

First Major Support Level: $0.08068

First Major Resistance Level: $0.08688

23.6% FIB Retracement Level: $0.09280

38% FIB Retracement Level: $0.1333

62% FIB Retracement Level: $0.1989

Tron’s TRX

Tron’s TRX rose by 3.44% on Wednesday. Following a flat Tuesday, Tron’s TRX ended the day at $0.02676.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.02578 before making a move.

Steering clear of the first major support level at $0.02430, Tron’s TRX rallied to an early afternoon intraday high $0.02792.

Falling short of the first major resistance level at $0.02836, Tron’s TRX eased back to end the day at sub-$0.027 levels.

At the time of writing, Tron’s TRX was up by 0.39% to $0.026861. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.02661 before rising to a high $0.027064.

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 back through the $0.02682 pivot level to support another run at the first major resistance level at $0.02786.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.027 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.02792 would likely cap any upside.

Failure to avoid a fall back through the $0.02682 pivot level would bring the first major support level at $0.02572 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.025 levels. The second major support level sits at $0.02468.

Looking at the Technical Indicators

First Major Support Level: $0.02572

First Major Resistance Level: $0.02786

23.6% FIB Retracement Level: $0.0291

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

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