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

Bob Mason

Litecoin

Litecoin rose by 0.97% on Tuesday. Following on from a 3.73% rally on Monday, Litecoin ended the day at $45.76.

A bearish start to the day saw Litecoin slide to an early morning intraday low $44.07 before finding support.

Steering clear of the first major support level at $43.48, Litecoin rebounded to a late morning intraday high $45.63.

Falling short of the first major resistance level at $47.34, Litecoin fell back to $44.50 levels before finding late support.

Late in the day, Litecoin recovered to $45 levels to end the day in the green.

At the time of writing, Litecoin was up by 0.28% to $45.89. A mixed start to the day saw Litecoin fall to an early morning low $45.63 before striking a high $46.20.

Steering clear of the major support levels, Litecoin came up against the first major resistance level at $46.24.

For the day ahead

Litecoin would need to move back through to $46 levels to bring the first major resistance level at $46.24 back into play.

Support from the broader market would be needed, however, for Litecoin to take a run at the second major resistance level at $46.71

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

Failure to move back through to $46 levels could see Litecoin hit reverse.

A fall back through the morning low to sub-$45.15 levels would bring the first major support level at $44.68 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$44 levels.

Looking at the Technical Indicators

Major Support Level: $44.68

Major Resistance Level: $46.24

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 0.64% on Tuesday. Partially reversing a 1.86% gain from Monday, Stellar’s Lumen ended the day at $0.069698.

A bearish start to the day saw Stellar’s Lumen slide from an intraday high $0.07015 an early morning intraday low $0.068734.

Stellar’s Lumen fell through the first major support level at $0.06880 before briefly recovering to $0.0699 levels.

At the time of writing, Stellar’s Lumen was up by 0.15% to $0.069806. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.069865 before falling to a low $0.069806.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.070 levels to bring the first major resistance level at $0.07032 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.070150.

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

Failure to move through to $0.070 levels could see Stellar’s Lumen fall back into the red.

A fall through to sub-$0.06950 levels would bring the first major support level at $0.06890 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.068 support levels.

The second major support level at $0.06811 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.06890

Major Resistance Level: $0.07032

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 rallied by 2.29% on Tuesday. Following on from a 2.26% gain on Monday, Tron’s TRX ended the day at $0.015590.

A bearish start to the day saw Tron’s TRX slide to an early morning intraday low $0.015021 before making a move.

Finding support at the first major support level at $0.015050, Tron’s TRX rallied to a late intraday high $0.015474.

In spite of the breakout, Tron’s TRX came up short of the first major resistance level at $0.01562 on the day.

At the time of writing, Tron’s TRX was down by 1.55% to $0.015348. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015501 to a low $0.015300.

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 $0.01540 levels to support a run at the first major resistance level at $0.01578.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.01559.

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

Failure to move through to $0.01540 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low $0.015300 would bring the first major support level at $0.01521 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01483.

Looking at the Technical Indicators

Major Support Level: $0.01521

Major Resistance Level: $0.01578

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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