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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 04/02/20

Bob Mason

Litecoin

Litecoin fell by 0.40% on Monday. Following on from a 1.23% decline on Sunday, Litecoin ended the day at $69.55.

Tracking the broader market, Litecoin rallied to an early morning intraday high $72.91 before hitting reverse.

Coming up against the first major resistance level at $72.89, Litecoin slid to a late afternoon intraday low $68.20.

Steering clear of the first major support level at $67.20, Litecoin struck $70 levels late in the day before easing back into the red.

At the time of writing, Litecoin was up by 0.29% to $69.75. A mixed start to the day saw Litecoin rise to an early morning high $70.46 before falling to a low $69.46.

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

For the day ahead

Litecoin would need to move back through to $70.25 levels to support another run at the first major resistance level at $72.24.

Support from the broader market would be needed, however, for Litecoin to break back through to $72 levels.

Barring an extended crypto rally, first major resistance level and Monday’s high $72.91 would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $74.93 would likely come into play.

Failure to break back through to $70.25 levels could see Litecoin hit reverse.

A fall back through the morning low $69.46 would bring the first major support level at $67.53 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$67 and the second major support level at $65.51.

Looking at the Technical Indicators

Major Support Level: $67.53

Major Resistance Level: $72.24

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 1.61% on Monday. Following on from a 3.59% rally on Sunday, Stellar’s Lumen ended the day at $0.06428.

A bullish start to the day saw Stellar’s Lumen strike an early morning intraday high $0.065844 before hitting reverse.

Falling short of the first major resistance level at $0.06637, Stellar’s Lumen slid to a late afternoon intraday low $0.06270.

Steering clear of the first major support level at $0.06111, Stellar’s Lumen recovered to $0.064 levels.

At the time of writing, Stellar’s Lumen was down by 0.71% to $0.063823. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.063892 to a low $0.063823.

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 $0.06430 levels to support a run at the first major resistance level at $0.06585.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the Monday’s high $0.065844.

Barring an extended crypto rally, the first major resistance level at $0.06585 and Monday high would likely limit any upside.

Failure to move through to $0.06430 levels could see Stellar’s Lumen fall deeper into the red.

A fall back through to sub-$0.06350 levels would bring the first major support level at $0.06271 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.062 levels.

Looking at the Technical Indicators

Major Support Level: $0.06271

Major Resistance Level: $0.06585

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 rose by 1.05% on Monday. Following on from a 0.25% gain on Sunday, Tron’s TRX ended the day at $0.019284.

A choppy start to the day saw Tron’s TRX fall to an early morning intraday low $0.018875 before striking an early intraday high $0.019707.

Steering clear of the major support and resistance levels, Tron’s TRX slid back to sub-$0.019 levels late in the day before finding support.

A late move back through to $0.019 levels delivered the upside on the day.

At the time of writing, Tron’s TRX was down by 0.31% to $0.019224. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.019400 before falling to a low $0.019210.

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 $0.01929 levels to support a run at the first major resistance level at $0.01970.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.01940.

Barring a broad-based crypto rebound, the first major resistance at $0.01970 and Monday’s high $0.019707 would likely limit any upside on the day.

Failure to move through to $0.019290 levels could see Tron’s TRX struggle later in the day.

A fall back through the morning low $0.019210 would bring the first major support level at $0.018870 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.018460.

Looking at the Technical Indicators

Major Support Level: $0.01887

Major Resistance Level: $0.01970

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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