Yahoo Finance Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 06/02/20
Litecoin
Litecoin rallied by 6.97% on Wednesday. Reversing a 2.51% slide from Tuesday, Litecoin ended the day at $72.56.
A bearish start to the day saw Litecoin fall to an early morning intraday low $67.43 before making a move.
Steering clear of the first major support level at $66.08, Litecoin rallied to a late afternoon intraday high $73.46.
Litecoin broke through the first major resistance level at $70.03 and the second major resistance level at $72.22.
A brief pullback late in the day saw Litecoin fall back through the second major resistance level before wrapping up the day at $72.5 levels.
At the time of writing, Litecoin was up by 1.17% to $73.41. A mixed start to the day saw Litecoin fall to an early morning low $70.92 before striking a high $74.00.
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 $74.00 to support another run at the first major resistance level at $74.87.
Support from the broader market would be needed, however, for Litecoin to break out from $73.50 levels.
Barring an extended crypto rally, first major resistance level and morning high $74.00 would likely limit any upside.
In the event of another crypto breakout, the second major resistance level at $77.18 and 38.2% FIB of $78 would likely come into play.
Failure to break back through to $74 levels could see Litecoin hit reverse.
A fall back through to sub-$71.15 levels would bring the first major support level at $68.84 into play.
Barring a crypto meltdown, however, Litecoin should steer clear of sub-$70 levels on the day.
Looking at the Technical Indicators
Major Support Level: $68.84
Major Resistance Level: $74.87
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 3.32% on Wednesday. Following on from a 3.99% rally on Tuesday, Stellar’s Lumen ended the day at $0.068841.
A relatively choppy start to the day saw Stellar’s Lumen rise from an early morning intraday low $0.066463 to a mid-morning high $0.069174.
Falling short of the first major resistance level at $0.06940, Stellar’s Lumen fell back to 0.06710 levels before making a move.
Stellar’s Lumen rallied to a late intraday high $0.069606 before easing back to sub-$0.069 levels.
The first major resistance level at $0.06940 capped the upside on the day.
At the time of writing, Stellar’s Lumen was up by 1.54% to $0.069900. A mixed start to the day saw Stellar’s Lumen fall to an early morning high $0.0677025 before rising to a high $0.069900.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to steer clear of sub-$0.069 levels to support a run at the first major resistance level at $0.07014.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.070 levels.
Barring an extended crypto rally, the resistance at $0.070 would likely leave Stellar’s Lumen short of the first major resistance level.
Failure to steer clear of sub-$0.069 levels could see Stellar’s Lumen hit reverse.
A fall back through to sub-$0.06830 levels would bring the first major support level at $0.06700 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.066 and the second major support level at $0.06516.
Looking at the Technical Indicators
Major Support Level: $0.06700
Major Resistance Level: $0.07014
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 7.61% on Wednesday. Reversing a 0.60% fall from Tuesday, Tron’s TRX ended the day at $0.02079.
A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.01927 before finding support.
Steering clear of the first major support level at $0.01863, Tron’s TRX rallied to a late intraday high $0.020806.
Tron’s TRX broke through the first major resistance level at $0.01968 and the second major resistance level at $0.02010.
In spite of easing back to $0.02070 levels, Tron’s TRX held above the second major resistance level to wrap up the day at $0.02 levels for the first time since mid-November.
At the time of writing, Tron’s TRX was up by 0.25% to $0.020841. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.020414 before striking a high $0.020984.
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 the morning high $0.020984 to support a run at the first major resistance level at $0.02131.
Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.021 levels.
Barring an extended crypto rally, the first major resistance at $0.02131 would likely limit any upside on the day.
Failure to move through the morning high could see Tron’s TRX struggle later in the day.
A fall back through the morning low $0.020414 to sub-$0.02030 levels would bring the first major support level at $0.01977 into play.
Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.019 levels and the second major support level at $0.01875.
Looking at the Technical Indicators
Major Support Level: $0.01977
Major Resistance Level: $0.02131
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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