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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 12/05/20

Bob Mason

Litecoin

Litecoin fell by 1.38% on Monday. Following on from Sunday’s 10.22% tumble, Litecoin ended the day at $41.52.

A bullish start to the day saw Litecoin strike an early morning intraday high $43.14 before hitting reverse.

Falling short of the first major resistance level at $46.11, Litecoin slid to a late afternoon intraday low $39.34.

Litecoin came within range of the first major support level at $39.09 before visiting $42 levels late in the day. A late pullback left Litecoin in the red.

At the time of writing, Litecoin was down by 0.05% to $41.50. A mixed start to the day saw Litecoin rise to an early morning high $42.03 before falling to a low $41.35.

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

For the day ahead

Litecoin would need to move through to $42 levels to support a run the first major resistance level at $43.33.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $43.14.

Barring an extended crypto rally, the first major resistance level, and Monday high would likely limit any upside.

Failure to move through to $42 levels could see Litecoin struggle later in the day.

A fall through the morning low $41.35 would bring the first major support level at $39.53 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear the second major support level at $37.53.

Looking at the Technical Indicators

Major Support Level: $39.53

Major Resistance Level: $43.33

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 3.56% on Monday. Following on from a 10.00% tumble on Sunday, Stellar’s Lumen ended the day at $0.062631.

Bearish throughout the day, Stellar’s Lumen fell from an early morning intraday high $0.065014 to a late afternoon intraday low $0.0602238.

Stellar’s Lumen left the major support and resistance levels untested before briefly revisiting $0.062 levels.

A bearish end to the day, however, left Stellar’s Lumen deep in the red.

At the time of writing, Stellar’s Lumen was down by 0.36% to $0.062405. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.062399 before striking a high $0.062405.

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 to $0.06260 levels to bring the first major resistance level at $0.06502 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.065014.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

Failure to move back through to $0.06260 levels could see Stellar’s Lumen fall deeper into the red.

A fall through the morning low $0.062399 would bring the first major support level at $0.06023 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.060 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06023

Major Resistance Level: $0.06502

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.1433

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX fell by 2.02% on Monday. Following on from a 10.77% tumble on Sunday, Tron’s TRX ended the day at $0.01400.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.014441 before hitting reverse.

Falling short of the first major resistance level at $0.01592, Tron’s TRX slid to a late afternoon intraday low $0.013172.

Steering clear of the first major support level at $0.01286, Tron’s TRX recovered to $0.014 levels.

At the time of writing, Tron’s TRX was down by 0.04% to $0.013995. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014092 before falling to a low $0.013995.

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

For the Day Ahead

Tron’s TRX would need to move back through to $0.014 levels to support a run at the first major resistance level at $0.01457.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.014442.

Barring an extended crypto rebound, the first major resistance level and Monday’s high $0.014442 would likely limit any upside.

Failure to move through to $0.014 levels could see Tron’s TRX fall slide deeper into the red.

A fall through the morning low to sub-$0.01390 levels would bring the first major support level at $0.01330 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.013 levels.

Looking at the Technical Indicators

Major Support Level: $0.01330

Major Resistance Level: $0.01457

23.6% FIB Retracement Level: $0.0322

38.2% FIB Retracement Level: $0.0452

62% FIB Retracement Level: $0.0663

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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