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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 07/04/20

Bob Mason
·5-min read

Litecoin

Litecoin rallied by 11.77% on Monday. Following on from an 8.84% gain from last week, Litecoin ended the day at $45.12.

A bullish day saw Litecoin rally from an early morning intraday low $40.37 to a final hour intraday high $45.15.

Steering clear of the major support levels, Litecoin broke through the day’s major resistance levels.

At the time of writing, Litecoin was up by 0.33% to $45.27. A mixed start to the day saw Litecoin rise from an early morning low $45.01 to a high $46.27 before easing back.

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

For the day ahead

Litecoin would need to move back through to $46 levels to support another run the first major resistance level at $46.72.

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Support from the broader market would be needed, however, for Litecoin to break out from the morning high $46.27.

Barring an extended crypto rally, the first major resistance would likely pin Litecoin back on the day.

Failure to move back through to $46 levels could see Litecoin join the rest of the major cryptos in the red.

A fall back through the morning low to sub-$43.60 levels would bring the first major support level at $41.94 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$42 levels on the day.

Looking at the Technical Indicators

Major Support Level: $41.94

Major Resistance Level: $46.72

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 14.42% on Monday. Following on from a 15.37% rally last week, Stellar’s Lumen ended the day at $0.05000.

A bullish day saw Stellar’s Lumen rally from an early morning intraday low $0.04370 to a late intraday high $0.05000.

Stellar’s Lumen broke through the day’s major resistance levels to visit $0.050 levels for the 1st time since 12th March.

At the time of writing, Stellar’s Lumen was down by 1.45% to $0.049273. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.051481 before falling to a low $0.049273.

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 $0.050 levels to support a run at the first major resistance level at $0.05210.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through the morning high $0.051481.

Barring an extended crypto rally, resistance at $0.051 would leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.050 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.04790 levels would bring the first major support level at $0.04580 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.048 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.04580

Major Resistance Level: $0.05210

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 8.36% on Monday. Following on from a 17.90% rally last week, Tron’s TRX ended the day at $0.013765.

A bullish day saw Tron’s TRX rally from an early morning intraday low $0.012669 to a final hour intraday high $0.013824.

Tron’s TRX broke through the major resistance levels to hold onto $0.013 levels for the 1st time since 11th March.

At the time of writing, Tron’s TRX was down by 2.02% to $0.013487. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014069 before falling to a low $0.013486.

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 $0.014 levels to support a run at the first major resistance level at $0.01417.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from the morning high $0.014069.

Barring an extended crypto rally, the first major resistance would likely limit any upside on the day.

Failure to move back through to $0.014 levels could see Tron’s TRX slide deeper into the red.

A fall through to sub-$0.01340 levels would bring the first major support level at $0.01301 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01226.

Looking at the Technical Indicators

Major Support Level: $0.01301

Major Resistance Level: $0.01417

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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