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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 05/02/20

Bob Mason

Litecoin

Litecoin slid by 2.51% on Tuesday. Following on from a 0.40% fall from Monday, Litecoin ended the day at $67.84.

A bullish start to the day saw Litecoin rise to an early morning intraday high $70.46 before hitting reverse.

Falling short of the first major resistance level at $72.24, Litecoin slid to a mid-day intraday low $66.51.

The reversal saw Litecoin fall through the first major support level at $67.53 before recovering to $68 levels.

Late in the day, Litecoin fell back through the first major support level to $66 levels for a 2nd time before wrapping up the day at $67 levels.

At the time of writing, Litecoin was up by 0.25% to $68.01. A mixed start to the day saw Litecoin rise to an early morning high $68.48 before falling to a low $67.43.

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

For the day ahead

Litecoin would need to move back through to $68.30 levels to support another run at the first major resistance level at $70.03.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $68.48.

Barring an extended crypto rally, first major resistance level and Tuesday’s high $70.46 would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $72.22 would likely come into play.

Failure to break back through to $68.30 levels could see Litecoin hit reverse.

A fall back through the morning low $67.43 would bring the first major support level at $66.08 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$66 and the second major support level at $64.32.

Looking at the Technical Indicators

Major Support Level: $66.08

Major Resistance Level: $70.03

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 3.99% on Tuesday. Following on from a 1.61% gain on Monday, Stellar’s Lumen ended the day at $0.066442.

A bearish start to the day saw Stellar’s Lumen fall to an early afternoon intraday low $0.061513 before making a move.

Stellar’s Lumen fell through the first major support level at $0.06271 before striking an early evening intraday high 0.068408.

The rally saw Stellar’s Lumen break through the first major resistance level at $0.06585 and second major resistance level at $0.06742 before falling back to $0.06556 levels.

Finding support late in the day, Stellar’s Lumen broke back through the first major resistance level to wrap up the day at $0.066 levels.

At the time of writing, Stellar’s Lumen was up by 0.84% to $0.067000. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.067069 before falling to a low $0.066463.

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 the morning high $0.067430 levels to support a run at the first major resistance level at $0.06940.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the Tuesday’s high $0.068408.

Barring an extended crypto rally, the resistance at $0.068 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through the morning high could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.06545 levels would bring the first major support level at $0.06250 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.065 levels.

Looking at the Technical Indicators

Major Support Level: $0.06250

Major Resistance Level: $0.06940

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 0.60% on Tuesday. Partially reversing a 1.05% gain from Monday, Tron’s TRX ended the day at $0.019264.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.01940 before sliding to an early afternoon intraday low $0.018412.

The sell-off saw Tron’s TRX fall through the first major support level at $0.01887 and second major support level at $0.01846.

Finding support late on, Tron’s TRX rallied to a late afternoon intraday high $0.019462 before easing back into the red.

Falling short of the first major resistance level at $0.01970, Tron’s TRX fell back to $0.01915 levels before wrapping up the day at $0.0192 levels.

At the time of writing, Tron’s TRX was up by 1.67% to $0.019585. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.019270 before striking a high $0.019587.

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 $0.019587 to support a run at the first major resistance level at $0.01968.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.01960 levels.

Barring a broad-based crypto rally, the first major resistance at $0.01968 would likely limit any upside on the day.

Failure to move through the morning high $0.019587 levels could see Tron’s TRX struggle later in the day.

A fall back through the morning low $0.019270 to sub-$0.01910 levels would bring the first major support level at $0.01863 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01800.

Looking at the Technical Indicators

Major Support Level: $0.01863

Major Resistance Level: $0.01968

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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