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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 06/01/20

Bob Mason

Litecoin

Litecoin rose by 1.36% on Sunday. Following on from a 1.26% gain on Saturday, Litecoin ended the week up by 0.56% to $43.28.

A mixed start to the day saw Litecoin rise to an early morning high $43.22 before falling to a mid-morning intraday low $42.60.

Steering clear of the first major support level at $42.04, Litecoin rallied to a late afternoon intraday high $44.51.

Litecoin broke through the first major resistance level at $43.11 and second major resistance level at $43.50 before hitting reverse.

Coming up against the third major resistance level at $44.57, Litecoin fell back through the major resistance levels.

Finding support at sub-$43 levels, Litecoin recovered to $43 levels to deliver the upside on the day.

At the time of writing, Litecoin was up by 0.58% to $43.53. A bullish start to the day saw Litecoin rise from an early morning low $43.12 to a high $43.61.

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

For the day ahead

Litecoin would need to move back through the morning high $43.61 to support a run at the first major resistance level at $44.33.

Litecoin would need the support of the broader market to break back through to $44 levels.

Barring a crypto rebound, however, the first major resistance level and Sunday’s high $44.51 would likely cap any upside.

Failure to move through the morning high $43.61 could see Litecoin fall back into the red.

A fall back through to sub-$43 levels would bring the first major support level at $42.42 into play.

Barring an extended sell-off, however, Litecoin should steer clear the second major support level at $41.55.

Looking at the Technical Indicators

Major Support Level: $42.42

Major Resistance Level: $44.33

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 0.31% on Sunday. Following on from a 0.35% decline from Saturday, Stellar’s Lumen ended the week down by 1.62% to $0.045502.

A mixed start to the day saw Stellar’s Lumen fall from an early morning high $0.046112 to a late morning low $0.045396.

Steering clear of the major support and resistance levels, Stellar’s Lumen rallied to a late afternoon intraday high $0.046349.

Stellar’s Lumen broke through the first major resistance level at $0.04601 before hitting reverse. The late reversal saw Stellar’s Lumen slide back to sub-$0.046 levels and into the red.

At the time of writing, Stellar’s Lumen was down by 0.27% to $0.045378. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.045421 to a low $0.045378.

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 $0.04574 levels to support a run at the first major resistance level at $0.04612.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.046 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside on the day.

Failure to move back through to $0.04574 levels could see Stellar’s Lumen struggle throughout the day.

A fall through Sunday’s low $0.045357 would bring the first major support level at $0.04512 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear the second major support level at $0.04474.

Looking at the Technical Indicators

Major Support Level: $0.04512

Major Resistance Level: $0.04612

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 0.11% on Sunday. Following on from a 0.29% gain on Saturday, Tron’s TRX ended the week down by 1.24% to $0.01353.

Tracking the broader market, Tron’s TRX rallied from an early morning intraday low $0.013500 to a mid-morning high $0.013841.

Tron’s TRX broke through the first major resistance level at $0.01356 and the second major resistance level at $0.01363.

Coming up against the third major resistance level at $0.01383, Tron’s TRX fell back to sub-$0.01360 levels.

Finding support from the broader market, Tron’s TRX rallied to an early afternoon intraday high $0.013955.

Tron’s TRX broke through the major resistance levels before sliding back through the resistance levels to end the day in the red.

At the time of writing, Tron’s TRX was up by 0.33% to $0.013575. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.013524 to a high $0.013575.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.01366 levels to support a run at the first major resistance level at $0.01382.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.01390 levels.

Barring an extended crypto rally, the first major resistance level would likely pin Tron’s TRX back on the day.

Failure to move back through to $0.01366 levels could see Tron’s TRX slide into the red.

A fall back through the morning low $0.013524 would bring the first major support level at $0.01337 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01321.

Looking at the Technical Indicators

Major Support Level: $0.01337

Major Resistance Level: $0.01382

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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