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

By:
Bob Mason
Published: Jun 2, 2020, 00:43 UTC

After a bullish start to the month, the majors will have to steer clear of key levels to support another breakout...

Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Litecoin

Litecoin rallied by 5.92% on Monday. Reversing a 4.48% slide from Sunday, Litecoin ended the day at $48.27.

A bullish start to the day saw Litecoin rise from an early morning intraday low $45.34 to an early morning high $46.62.

Falling short of the major resistance levels, Litecoin fell back to $45.6 levels before a 2nd half of a day breakout.

The breakout saw Litecoin surge to a final hour intraday high $48.96.

Litecoin broke through the first major resistance level at $47.17 and second major resistance level at $48.73 before easing back.

At the time of writing, Litecoin was down by 0.27% to $48.14. A bearish start to the day saw Litecoin fall from an early morning high $48.37 to a low $47.91.

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

LTC/USD 02/06/20 Daily Chart

For the day ahead

Litecoin would need to avoid sub-$47.50 levels to bring the first major resistance level at $49.71 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Monday’s high $48.96.

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

Failure to avoid sub-$47.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low to sub-$47.50 levels would bring the first major support level at $46.09 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$45 and the second major support level at $43.90.

Looking at the Technical Indicators

Major Support Level: $46.09

Major Resistance Level: $49.71

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 9.25% on Monday. Reversing a 2.61% fall from Sunday, Stellar’s Lumen ended the day at $0.076403.

Bullish through the day, Stellar’s Lumen rallied from an early morning intraday low $0.069934 to a final hour intraday high $0.076500.

Stellar’s Lumen broke through the first major resistance level at $0.07499 to wrap up the day at $0.07640 levels.

At the time of writing, Stellar’s Lumen was up by 0.03% to $0.076425. At the start of the day, Stellar’s Lumen opened at $0.076425, up from an end of Monday $0.076403.

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

XLM/USD 02/06/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.077 levels to bring the first major resistance level at $0.07862 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.07650.

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

Failure to move through to $0.077 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.07430 levels would bring the first major support level at $0.07206 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 support levels.

Looking at the Technical Indicators

Major Support Level: $0.07206

Major Resistance Level: $0.07862

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 7.97% on Monday. Reversing a 2.99% fall from Sunday, Tron’s TRX ended the day at $0.017065.

It was a bullish start to the month. Tron’s TRX rallied from an early morning intraday low $0.015753 to a final hour intraday high $0.017096.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01691.

It was the first time that Tron’s TRX wrapped up the day at $0.017 levels since early March.

At the time of writing, Tron’s TRX was down by 0.45% to $0.016989. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017150 to a low $0.016989.

Tron’s TRX left the major support and resistance levels untested early on.

TRX/USD 02/06/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01665 levels to support a run at the first major resistance level at $0.01752.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.017150.

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

Failure to avoid sub-$0.01665 levels could see Tron’s TRX fall deeper into the red.

A fall through the morning low to sub-$0.01665 levels would bring the first major support level at $0.01618 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01530.

Looking at the Technical Indicators

Major Support Level: $0.01618

Major Resistance Level: $0.01752

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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