Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 05/05/20
Litecoin
Litecoin slid by 2.26% on Monday. Following on from a 2.25% decline on Sunday, Litecoin ended the day at $47.07.
It was a particularly bearish start to the day. Litecoin slid from an early morning intraday high $48.27 to a mid-morning intraday low $45.26.
Steering clear of the major resistance levels, Litecoin fell through the first major support level at $46.58 before recovering to $46 levels.
The recovery was brief, however, with Litecoin falling back through to $45 levels going into the afternoon.
In the 2nd half of the day, Litecoin broke back through the first major support level to strike a high $47.46 before easing back.
At the time of writing, Litecoin was up by 0.11% to $47.12. A mixed start to the day saw Litecoin rise to an early morning high $47.25 before falling to a low $46.96.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through to $48 levels to support a run the first major resistance level at $48.47.
Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $48.27.
Barring a broad-based crypto rally, the first major resistance level at $48.47 and Monday’s high would likely limit any upside.
Failure to move through to $48 levels could see Litecoin struggle throughout the day.
A fall through the morning low to sub-$46.90 levels would bring the first major support level at $45.46 into play.
Barring a broad-based crypto sell-off, however, Litecoin should steer clear of the second major support level at $43.86.
Looking at the Technical Indicators
Major Support Level: $45.46
Major Resistance Level: $48.47
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen slipped by 0.40% on Monday. Following on from a 3.57% slide on Sunday, Stellar’s Lumen ended the day at $0.072893.
Tracking the broader market, Stellar’s Lumen slid from an early high $0.073264 to an early morning intraday low $0.067642.
Stellar’s Lumen fell through the first major support level at $0.07075 and the second major support level at $0.06857.
Finding support mid-morning, Stellar’s Lumen recovered to $0.07090 levels before sliding back into the deep red.
Through the 2nd half of the day, Stellar’s Lumen found strong support to strike a late intraday high $0.073668.
Stellar’s Lumen broke back through the first major support level to visit the green before easing back into the red.
At the time of writing, Stellar’s Lumen was up by 0.86% to $0.073519. A bullish start to the day saw Stellar’s Lumen rise from an end of Monday 0.072893 to an early morning high $0.073519.
Stellar’s Lumen left the major support and resistance levels untested early on.
For the day ahead
Stellar’s Lumen would need to move through to $0.0740 levels to bring the first major resistance level to bring $0.07516 levels into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from Monday’s high $0.073668.
Barring a broad-based crypto rally, the first major resistance level at $0.07516 would likely limit any upside on the day.
Failure to move through to $0.0740 levels could see Stellar’s Lumen hit reverse.
A fall through to sub-$0.07140 levels would bring the first major support level at $0.06913 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06538.
Looking at the Technical Indicators
Major Support Level: $0.06913
Major Resistance Level: $0.07516
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 rose by 1.16% on Monday. Partially reversing a 2.37% decline from Sunday, Tron’s TRX ended the day at $0.016190.
Bearish through the morning, Tron’s TRX slid from an early morning intraday high $0.016054 to a mid-morning intraday low $0.015132.
Tron’s TRX fell through the first major support level at $0.01551 before making a move.
Finding support going into the afternoon, Tron’s TRX rallied to a late afternoon intraday high $0.016384.
While breaking back through the first major support level, Tron’s TRX fell short of the first major resistance level at $0.01655 before easing back.
At the time of writing, Tron’s TRX was up by 1.17% to $0.016380. A bullish start to the day saw Tron’s TRX rise from an end of Monday 0.01619 to an early morning high $0.016380.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX would need to move through to $0.01650 levels to support a run at the first major resistance level at $0.01667.
Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.016384.
Barring a broad-based crypto rally, the first major resistance level at $0.01667 would likely limit any upside.
Failure to move through to $0.01650 levels could see Tron’s TRX fall into the red.
A fall through to sub-$0.01590 levels would bring the first major support level at $0.01542 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.015 levels.
Looking at the Technical Indicators
Major Support Level: $0.01542
Major Resistance Level: $0.01667
23.6% FIB Retracement Level: $0.0322
38.2% FIB Retracement Level: $0.0452
62% FIB Retracement Level: $0.0663
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Thanks, Bob
This article was originally posted on FX Empire