Yahoo Finance Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 20/05/20
Litecoin
Litecoin rose by 0.97% on Tuesday. Following on from a 3.73% rally on Monday, Litecoin ended the day at $45.76.
A bearish start to the day saw Litecoin slide to an early morning intraday low $44.07 before finding support.
Steering clear of the first major support level at $43.48, Litecoin rebounded to a late morning intraday high $45.63.
Falling short of the first major resistance level at $47.34, Litecoin fell back to $44.50 levels before finding late support.
Late in the day, Litecoin recovered to $45 levels to end the day in the green.
At the time of writing, Litecoin was up by 0.28% to $45.89. A mixed start to the day saw Litecoin fall to an early morning low $45.63 before striking a high $46.20.
Steering clear of the major support levels, Litecoin came up against the first major resistance level at $46.24.
For the day ahead
Litecoin would need to move back through to $46 levels to bring the first major resistance level at $46.24 back into play.
Support from the broader market would be needed, however, for Litecoin to take a run at the second major resistance level at $46.71
Barring an extended crypto rally, the first major resistance level and morning high would likely limit any upside.
Failure to move back through to $46 levels could see Litecoin hit reverse.
A fall back through the morning low to sub-$45.15 levels would bring the first major support level at $44.68 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$44 levels.
Looking at the Technical Indicators
Major Support Level: $44.68
Major Resistance Level: $46.24
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 0.64% on Tuesday. Partially reversing a 1.86% gain from Monday, Stellar’s Lumen ended the day at $0.069698.
A bearish start to the day saw Stellar’s Lumen slide from an intraday high $0.07015 an early morning intraday low $0.068734.
Stellar’s Lumen fell through the first major support level at $0.06880 before briefly recovering to $0.0699 levels.
At the time of writing, Stellar’s Lumen was up by 0.15% to $0.069806. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.069865 before falling to a low $0.069806.
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 $0.070 levels to bring the first major resistance level at $0.07032 into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.070150.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
Failure to move through to $0.070 levels could see Stellar’s Lumen fall back into the red.
A fall through to sub-$0.06950 levels would bring the first major support level at $0.06890 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.068 support levels.
The second major support level at $0.06811 should limit any downside on the day.
Looking at the Technical Indicators
Major Support Level: $0.06890
Major Resistance Level: $0.07032
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 2.29% on Tuesday. Following on from a 2.26% gain on Monday, Tron’s TRX ended the day at $0.015590.
A bearish start to the day saw Tron’s TRX slide to an early morning intraday low $0.015021 before making a move.
Finding support at the first major support level at $0.015050, Tron’s TRX rallied to a late intraday high $0.015474.
In spite of the breakout, Tron’s TRX came up short of the first major resistance level at $0.01562 on the day.
At the time of writing, Tron’s TRX was down by 1.55% to $0.015348. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015501 to a low $0.015300.
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 $0.01540 levels to support a run at the first major resistance level at $0.01578.
Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.01559.
Barring an extended crypto rebound, the first major resistance level would likely limit any upside.
Failure to move through to $0.01540 levels could see Tron’s TRX slide deeper into the red.
A fall through the morning low $0.015300 would bring the first major support level at $0.01521 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01483.
Looking at the Technical Indicators
Major Support Level: $0.01521
Major Resistance Level: $0.01578
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
