Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – June 10th, 2020
Litecoin
Litecoin fell by 1.23% on Tuesday. Following on from a 0.36% decline on Monday, Litecoin ended the day at $45.93.
It was a particularly choppy start to the day. Within the 1st hour, Litecoin struck an early morning intraday high $46.87 before hitting reverse.
Coming up against the first major resistance level at $46.83, Litecoin slid to a low $45.50.
The reversal saw Litecoin fall through the first major support level at $46.05 and the second major support level at $45.62.
Finding support in the late morning, Litecoin recovered to $46.5 levels before sliding back into the deep red.
Litecoin fell back through the first and second major support levels to a late intraday low $45.39.
Finding late support from the broader market, Litecoin briefly recovered to $46 levels before easing back. The first major support level at $46.05 pinned Litecoin back in the final hour.
At the time of writing, Litecoin was up by 0.20% to $46.02. A mixed start to the day saw Litecoin fall to an early morning low $45.84 before rising to a high $46.03.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through to $46.10 levels to support a run at the first major resistance level at $46.74.
Support from the broader market would be needed, however, for Litecoin to break out from the morning high $46.03.
Barring another extended crypto rally, the first major resistance level and Tuesday high $46.87 should limit any upside.
Failure to move through to $46.10 levels could leave Litecoin in the red for a 4th consecutive day.
A fall back through to sub-$46 levels would bring the first major support level at $45.26 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $44.58.
Looking at the Technical Indicators
Major Support Level: $45.26
Major Resistance Level: $46.74
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 1.76% on Tuesday. Reversing a 0.61% gain from Monday, Stellar’s Lumen ended the day at $0.07860.
It was a mixed start to the day. Stellar’s Lumen rose to an early morning high $0.080246 before hitting reverse.
Coming up short of the first major resistance level at $0.080430, Stellar’s Lumen slid to a late intraday low $0.077468.
Stellar’s Lumen fell through the first major support level at $0.07859 and the second major support level at $0.07767.
Finding late support from the broader market, however, Stellar’s Lumen recovered to $0.0788 levels before easing back.
At the time of writing, Stellar’s Lumen was down by 0.17% to $0.078467. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.078122 before rising to a high $0.078467.
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 $0.07880 levels to support a run at the first major resistance level at $0.08007.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.080 levels.
Barring another broad-based crypto rally, the first major resistance level and Tuesday’s high $0.080246 would likely limit any upside.
Failure to move through to $0.07880 levels could see Stellar’s Lumen spend another day in the red.
A fall through the morning low $0.078122 would bring the first major support level at $0.07730 into play.
Barring another extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.07599.
Looking at the Technical Indicators
Major Support Level: $0.07730
Major Resistance Level: $0.08007
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 2.34% on Tuesday. Following on from a 1.41% fall on Monday, Tron’s TRX ended the day at $0.017523.
A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.018005 before hitting reverse.
Falling short of the first major resistance level at $0.01844, Tron’s TRX slid to an early morning intraday low $0.017439.
Tron’s TRX fell through the first major support level at $0.01758 before recovering to $0.01780 levels.
A bearish 2nd half of the day, however, saw Tron’s TRX fall back to 0.01750 levels before finding support.
The first major support level at $0.01758 limited the downside late in the day.
At the time of writing, Tron’s TRX was up by 0.47% to $0.017606. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.017505 before rising to a high $0.017606.
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 $0.01770 levels to support a run at the first major resistance level at $0.017870.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.017606.
Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high would likely limit any upside.
Failure to move through to $0.01770 levels would bring the first major support level at $0.01731 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of sub-$0.017 levels. The second major support level at $0.01709 should limit any downside.
Looking at the Technical Indicators
Major Support Level: $0.01731
Major Resistance Level: $0.01787
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