Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 04/02/20
It’s been a mixed start to the day for the majors. Failure to move back through to key levels by late morning will likely deliver heavy losses later in the day.
Litecoin
Litecoin fell by 0.40% on Monday. Following on from a 1.23% decline on Sunday, Litecoin ended the day at $69.55.
Tracking the broader market, Litecoin rallied to an early morning intraday high $72.91 before hitting reverse.
Coming up against the first major resistance level at $72.89, Litecoin slid to a late afternoon intraday low $68.20.
Steering clear of the first major support level at $67.20, Litecoin struck $70 levels late in the day before easing back into the red.
At the time of writing, Litecoin was up by 0.29% to $69.75. A mixed start to the day saw Litecoin rise to an early morning high $70.46 before falling to a low $69.46.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through to $70.25 levels to support another run at the first major resistance level at $72.24.
Support from the broader market would be needed, however, for Litecoin to break back through to $72 levels.
Barring an extended crypto rally, first major resistance level and Monday’s high $72.91 would likely limit any upside.
In the event of another crypto breakout, the second major resistance level at $74.93 would likely come into play.
Failure to break back through to $70.25 levels could see Litecoin hit reverse.
A fall back through the morning low $69.46 would bring the first major support level at $67.53 into play.
Barring a crypto meltdown, however, Litecoin should steer clear of sub-$67 and the second major support level at $65.51.
Looking at the Technical Indicators
Major Support Level: $67.53
Major Resistance Level: $72.24
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 1.61% on Monday. Following on from a 3.59% rally on Sunday, Stellar’s Lumen ended the day at $0.06428.
A bullish start to the day saw Stellar’s Lumen strike an early morning intraday high $0.065844 before hitting reverse.
Falling short of the first major resistance level at $0.06637, Stellar’s Lumen slid to a late afternoon intraday low $0.06270.
Steering clear of the first major support level at $0.06111, Stellar’s Lumen recovered to $0.064 levels.
At the time of writing, Stellar’s Lumen was down by 0.71% to $0.063823. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.063892 to a low $0.063823.
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 $0.06430 levels to support a run at the first major resistance level at $0.06585.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the Monday’s high $0.065844.
Barring an extended crypto rally, the first major resistance level at $0.06585 and Monday high would likely limit any upside.
Failure to move through to $0.06430 levels could see Stellar’s Lumen fall deeper into the red.
A fall back through to sub-$0.06350 levels would bring the first major support level at $0.06271 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.062 levels.
Looking at the Technical Indicators
Major Support Level: $0.06271
Major Resistance Level: $0.06585
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 1.05% on Monday. Following on from a 0.25% gain on Sunday, Tron’s TRX ended the day at $0.019284.
A choppy start to the day saw Tron’s TRX fall to an early morning intraday low $0.018875 before striking an early intraday high $0.019707.
Steering clear of the major support and resistance levels, Tron’s TRX slid back to sub-$0.019 levels late in the day before finding support.
A late move back through to $0.019 levels delivered the upside on the day.
At the time of writing, Tron’s TRX was down by 0.31% to $0.019224. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.019400 before falling to a low $0.019210.
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 $0.01929 levels to support a run at the first major resistance level at $0.01970.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.01940.
Barring a broad-based crypto rebound, the first major resistance at $0.01970 and Monday’s high $0.019707 would likely limit any upside on the day.
Failure to move through to $0.019290 levels could see Tron’s TRX struggle later in the day.
A fall back through the morning low $0.019210 would bring the first major support level at $0.018870 into play.
Barring a crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.018460.
Looking at the Technical Indicators
Major Support Level: $0.01887
Major Resistance Level: $0.01970
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
