Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 23/04/20
In This Article:
Litecoin
Litecoin rose by 2.92% on Wednesday. Following on from a 1.09% gain on Tuesday, Litecoin ended the day at $41.88.
A bearish start to the day saw Litecoin fall to an early morning intraday low $40.33 before making a move.
Steering clear of the first major support level at $40.10, Litecoin rallied to a late afternoon intraday high $42.38.
Litecoin broke through the first major resistance level at $41.35 and the second major resistance level at $42.00.
A late pullback saw Litecoin fall back through the second major resistance level to wrap up the day at sub-$42.00.
At the time of writing, Litecoin was down by 0.17% to $41.81. A mixed start to the day saw Litecoin fall to an early morning low $41.65 before striking a high $42.30.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through to $42 levels to support a run the first major resistance level at $42.73.
Support from the broader market would be needed, however, for Litecoin to breakout out from Wednesday’s high $42.38.
Barring an extended crypto rally, the first major resistance level at $42.73 would likely limit any upside on the day.
Failure to move back through to $42 levels could see Litecoin fall deeper into the red.
A fall through to sub-$41.50 levels would bring the first major support level at $40.68 into play.
Barring a broad-based crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.48.
Looking at the Technical Indicators
Major Support Level: $40.68
Major Resistance Level: $42.73
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 7.88% on Wednesday. Following on from a 1.52% gain on Tuesday, Stellar’s Lumen ended the day at $0.05490.
Bullish throughout the day, Stellar’s Lumen rallied from an early morning intraday low $0.050892 to an early afternoon intraday high $0.05497.
Stellar’s Lumen broke through the first major resistance level at $0.05209 and the second major resistance level at $0.05316.
In spite of a brief pullback to sub-$0.054 levels, Stellar’s Lumen held above the second major resistance level before breaking back through to $0.054 levels.
At the time of writing, Stellar’s Lumen was up by 2.91% to $0.056497. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.05500 to a high $0.057648.
Stellar’s Lumen broke through the first major resistance level at $0.05628 to test the second major resistance level at $0.05767.