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

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

More From FXEMPIRE: