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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 06/02/20

Bob Mason

Litecoin

Litecoin rallied by 6.97% on Wednesday. Reversing a 2.51% slide from Tuesday, Litecoin ended the day at $72.56.

A bearish start to the day saw Litecoin fall to an early morning intraday low $67.43 before making a move.

Steering clear of the first major support level at $66.08, Litecoin rallied to a late afternoon intraday high $73.46.

Litecoin broke through the first major resistance level at $70.03 and the second major resistance level at $72.22.

A brief pullback late in the day saw Litecoin fall back through the second major resistance level before wrapping up the day at $72.5 levels.

At the time of writing, Litecoin was up by 1.17% to $73.41. A mixed start to the day saw Litecoin fall to an early morning low $70.92 before striking a high $74.00.

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

For the day ahead

Litecoin would need to move back through the morning high $74.00 to support another run at the first major resistance level at $74.87.

Support from the broader market would be needed, however, for Litecoin to break out from $73.50 levels.

Barring an extended crypto rally, first major resistance level and morning high $74.00 would likely limit any upside.

In the event of another crypto breakout, the second major resistance level at $77.18 and 38.2% FIB of $78 would likely come into play.

Failure to break back through to $74 levels could see Litecoin hit reverse.

A fall back through to sub-$71.15 levels would bring the first major support level at $68.84 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$70 levels on the day.

Looking at the Technical Indicators

Major Support Level: $68.84

Major Resistance Level: $74.87

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 3.32% on Wednesday. Following on from a 3.99% rally on Tuesday, Stellar’s Lumen ended the day at $0.068841.

A relatively choppy start to the day saw Stellar’s Lumen rise from an early morning intraday low $0.066463 to a mid-morning high $0.069174.

Falling short of the first major resistance level at $0.06940, Stellar’s Lumen fell back to 0.06710 levels before making a move.

Stellar’s Lumen rallied to a late intraday high $0.069606 before easing back to sub-$0.069 levels.

The first major resistance level at $0.06940 capped the upside on the day.

At the time of writing, Stellar’s Lumen was up by 1.54% to $0.069900. A mixed start to the day saw Stellar’s Lumen fall to an early morning high $0.0677025 before rising to a high $0.069900.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.069 levels to support a run at the first major resistance level at $0.07014.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.070 levels.

Barring an extended crypto rally, the resistance at $0.070 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to steer clear of sub-$0.069 levels could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.06830 levels would bring the first major support level at $0.06700 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.066 and the second major support level at $0.06516.

Looking at the Technical Indicators

Major Support Level: $0.06700

Major Resistance Level: $0.07014

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 7.61% on Wednesday. Reversing a 0.60% fall from Tuesday, Tron’s TRX ended the day at $0.02079.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.01927 before finding support.

Steering clear of the first major support level at $0.01863, Tron’s TRX rallied to a late intraday high $0.020806.

Tron’s TRX broke through the first major resistance level at $0.01968 and the second major resistance level at $0.02010.

In spite of easing back to $0.02070 levels, Tron’s TRX held above the second major resistance level to wrap up the day at $0.02 levels for the first time since mid-November.

At the time of writing, Tron’s TRX was up by 0.25% to $0.020841. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.020414 before striking a high $0.020984.

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 the morning high $0.020984 to support a run at the first major resistance level at $0.02131.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.021 levels.

Barring an extended crypto rally, the first major resistance at $0.02131 would likely limit any upside on the day.

Failure to move through the morning high could see Tron’s TRX struggle later in the day.

A fall back through the morning low $0.020414 to sub-$0.02030 levels would bring the first major support level at $0.01977 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.019 levels and the second major support level at $0.01875.

Looking at the Technical Indicators

Major Support Level: $0.01977

Major Resistance Level: $0.02131

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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