Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 04/06/20

Litecoin

Litecoin rose by 2.37% on Wednesday. Partially reversing a 4.68% slide from Tuesday, Litecoin ended the day at $47.13.

A bearish start to the day saw Litecoin fall to an early morning intraday low $45.28 before finding support.

Steering clear of the first major support level at $43.73, Litecoin rallied to a late afternoon intraday high $47.44.

Coming up short of the first major resistance level at $49.11, Litecoin eased back to $46.6 levels before wrapping up the day at $47 levels.

At the time of writing, Litecoin was up by 0.40% to $47.32. A mixed start to the day saw Litecoin fall to an early morning low $47.02 before striking a high $47.33.

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

For the day ahead

Litecoin would need to avoid sub-$46.60 levels to support a run at the first major resistance level at $47.95.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $47.44.

Barring another extended crypto rally, the first major resistance level should limit any upside.

Failure to avoid sub-$46.60 levels could see Litecoin give up Wednesday’s gains.

A fall back through the morning low $47.02 to sub-$46.60 levels would bring the first major support level at $45.79 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$45 and the second major support level at $44.46.

Looking at the Technical Indicators

Major Support Level: $45.79

Major Resistance Level: $47.95

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 4.69% on Wednesday. Following on from a trend-bucking 3.42% gain on Tuesday, Stellar’s Lumen ended the day at $0.082848.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.077058 before making a move.

Steering clear of the first major support level at $0.07383, Stellar’s Lumen rallied to a late afternoon intraday high $0.083151.

Falling short of the first major resistance level at $0.08443, Stellar’s Lumen fell back to $0.081 levels before wrapping up the day at $0.082 levels.

At the time of writing, Stellar’s Lumen was up by 3.19% to $0.085489. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.083322 to a high $0.0855064

Stellar’s Lumen broke through the first major resistance level at $0.084980 early on.

For the day ahead

Stellar’s Lumen would avoid sub-0.085 levels to take a run at the second major resistance level at $0.08711.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.085506.

Barring another broad-based crypto rally, resistance at $0.086 would likely limit any upside on the day.

Failure to avoid sub-$0.085 levels could see Stellar’s Lumen hit reverse.

A fall through the morning low $0.083322 to sub-$0.081 levels would bring the first major support level at $0.07889 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.080 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07889

Major Resistance Level: $0.08498

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 3.21% on Wednesday. Partially reversing a 4.57% slide from Tuesday, Tron’s TRX ended the day at $0.016890.

Tracking the broader market, Tron’s TRX fell to an early morning intraday low $0.016043 before making a move.

Steering clear of the first major support level at $0.01540, Tron’s TRX rallied to a late intraday high $0.016936.

Falling short of the first major resistance level at $0.01737, Tron’s TRX eased back to wrap up the day at $0.01680 levels.

At the time of writing, Tron’s TRX was up by 1.59% to $0.017159. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.016918 to a high $0.017252.

Tron’s TRX came up against the first major resistance level at $0.017252 early on.

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01662 levels to support another run at the first major resistance level at $0.01721.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.01720 levels.

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

Failure to avoid sub-$0.01662 levels would bring the first major support level at $0.01631 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01573.

Looking at the Technical Indicators

Major Support Level: $0.01631

Major Resistance Level: $0.01721

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

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