Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 05/03/20
Litecoin
Litecoin fell by 1.07% on Wednesday. Following on from a 0.76% decline on Tuesday, Litecoin ended the day at $60.36.
A bullish start to the day saw Litecoin rise to an early morning intraday high $61.80.
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Falling short of the first major resistance level at $62.53, Litecoin fell to a late afternoon intraday low $58.81.
Litecoin fell through the first major support level at $59.38 before recovering to $60 levels late in the day.
At the time of writing, Litecoin was up by 0.71% to $60.79. A bullish start to the day saw Litecoin rise from an early morning low $60.36 to a high $61.31.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through the morning high to $61 levels to support a run the first major resistance level at $61.84.
Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $61.31.
Barring an extended crypto rally, Litecoin the first major resistance level and 23.6% FIB of $62 should limit any upside.
Failure to move through to $61 levels could see Litecoin hit reverse.
A fall back through to sub-$60.30 levels would bring the first major support level at $58.85 into play.
Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $57.33.
Looking at the Technical Indicators
Major Support Level: $58.85
Major Resistance Level: $61.84
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 0.29% on Wednesday. Partially reversing a 1.23% fall from Tuesday, Stellar’s Lumen ended the day at $0.05860.
A bullish start to the day saw Stellar’s Lumen rise to a late morning intraday high $0.059248 before hitting reverse.
Falling short of the first major resistance level at $0.05998, Stellar’s Lumen fell to a late afternoon intraday low $0.05800.
Steering clear of the first major support level at $0.05736, Stellar’s Lumen recovered to $0.0586 levels to wrap up the day in the green.
At the time of writing, Stellar’s Lumen was up by 2.51% to $0.060069. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.058983 to a high $0.060499.
Stellar’s Lumen broke through the first major resistance level at $0.05923 and the second major resistance level at $0.05986.
For the day ahead
Stellar’s Lumen would need to avoid sub-$0.060 levels to support a run at the third major resistance level to $0.061110.
Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.061 levels.
Barring a broad-based crypto rebound, the second major resistance level would likely limit any upside on the day.
Failure to steer clear of sub-$0.060 levels could see Stellar’s Lumen struggle later in the day.
A fall back through to sub-$0.05860 levels would bring the first major support level at $0.05798 into play.
Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.059 levels.
Looking at the Technical Indicators
Major Support Level: $0.05798
Major Resistance Level: $0.05923
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 3.23% on Wednesday. Reversing a 1.79% fall from Tuesday, Tron’s TRX ended the day at $0.017853.
A bullish start to the day saw Tron’s TRX rise to a late morning high $0.017728 before hitting reverse.
Tron’s TRX broke through the first major resistance level at $0.01763 before sliding to a late afternoon intraday low $0.01710.
Steering clear of the first major support level at $0.01698, Tron’s TRX bounced back to wrap up the day at $0.0178 levels.
At the time of writing, Tron’s TRX was up by 1.22% to $0.018070. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.017787 to a high $0.018174.
Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01802.
For the Day Ahead
Tron’s TRX would need to steer clear of sub-$0.018 levels to support another run at the second major resistance level at $0.01819.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.018174.
Barring an extended crypto rally, the second major resistance would likely cap any upside on the day.
Failure to steer clear of sub-$0.018 levels could see Tron’s TRX hit reverse.
A fall back through to sub-$0.01760 levels would bring the first major support level at $0.01739 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01693.
Looking at the Technical Indicators
Major Support Level: $0.01739
Major Resistance Level: $0.01802
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