UK markets open in 7 hours 54 minutes

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 21/05/20

Bob Mason

Litecoin

Litecoin slid by 3.41% on Wednesday. Reversing a 0.97% gain from Tuesday, Litecoin ended the day at $44.21.

A bullish start to the day saw Litecoin rise to an early morning intraday high $46.20 before easing back.

Coming within range of the first major resistance level at $46.24, Litecoin slipped back to a morning low $45.20 before steadying.

Steering clear of the major support levels, Litecoin recovered to an afternoon high $45.90 before hitting reverse.

The reversal saw Litecoin slide to a mid-afternoon intraday low $42.94.

Litecoin fell through the first major support level at $44.68 and the second major support level at $43.59.

Finding late support, Litecoin broke back through the second major support level to wrap up the day at $44 levels.

At the time of writing, Litecoin was down by 0.41% to $44.03. A mixed start to the day saw Litecoin rise to an early morning high $44.63 before falling to a low $43.72.

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

For the day ahead

Litecoin would need to move back through to $44.50 levels to bring the first major resistance level at $45.96 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $44.63.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $46.20 would likely limit any upside.

Failure to move back through to $44.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $43.72 would bring the first major support level at $42.70 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$42 support levels.

Looking at the Technical Indicators

Major Support Level: $42.70

Major Resistance Level: $45.96

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 1.59% on Wednesday. Reversing a 0.64% fall from Tuesday, Stellar’s Lumen ended the day at $0.070978.

A mixed start to the day saw Stellar’s Lumen rise to an early afternoon intraday high $0.072218 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.07032 and the second major resistance level at $0.07094.

The reversal saw Stellar’s Lumen slide to a mid-afternoon intraday low $0.067646 before finding support.

Stellar’s Lumen fell through the first major support level at $0.06890 and the second major support level at $0.06811.

Finding late support, Stellar’s Lumen broke back through the major support levels to wrap up the day in the green.

The recovery also saw Stellar’s Lumen break back through the first and second major resistance levels.

At the time of writing, Stellar’s Lumen was down by 1.72% to $0.069760. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.071649 before falling to a low $0.069760.

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 $0.07030 levels to bring the first major resistance level at $0.07292 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.072218.

Barring a broad-based crypto rebound, resistance at $0.072 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.07030 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.069 levels would bring the first major support level at $0.06834 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06571.

Looking at the Technical Indicators

Major Support Level: $0.06834

Major Resistance Level: $0.07292

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 slid by 3.36% on Wednesday. Reversing a 2.29% rally from Tuesday, Tron’s TRX ended the day at $0.014980.

A bearish start to the day saw Tron’s TRX slide from an early morning intraday high $0.015501 to a mid-afternoon intraday low $0.014634.

Tron’s TRX slid through the first major support level at $0.01521 and the second major support level at $0.01483.

Finding support late in the day, Tron’s TRX recovered to $0.015 levels before easing back.

While breaking back through the second major support level, Tron’s TRX came up short of the first major support level at the day end.

At the time of writing, Tron’s TRX was down by 0.22% to $0.014947. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.015049 before falling to a low $0.014790.

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 $0.01505 levels to support a run at the first major resistance level at $0.01544.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.015049.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.01505 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low $0.014790 would bring the first major support level at $0.01458 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01417.

Looking at the Technical Indicators

Major Support Level: $0.01458

Major Resistance Level: $0.01544

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

More From FXEMPIRE: