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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 04/06/20

By:
Bob Mason
Published: Jun 4, 2020, 01:50 UTC

Stellar's Lumen and Tron's TRX are on the move early, with resistance levels tested early. Failure to move through early highs could test later...

Depositphotos_166797044_s-2019

Litecoin

Litecoin rose by 2.37% on Wednesday. Partially reversing a 4.68% slide from Tuesday, Litecoin ended the day at $47.13.

A bearish start to the day saw Litecoin fall to an early morning intraday low $45.28 before finding support.

Steering clear of the first major support level at $43.73, Litecoin rallied to a late afternoon intraday high $47.44.

Coming up short of the first major resistance level at $49.11, Litecoin eased back to $46.6 levels before wrapping up the day at $47 levels.

At the time of writing, Litecoin was up by 0.40% to $47.32. A mixed start to the day saw Litecoin fall to an early morning low $47.02 before striking a high $47.33.

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

LTC/USD 04/06/20 Daily Chart

For the day ahead

Litecoin would need to avoid sub-$46.60 levels to support a run at the first major resistance level at $47.95.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $47.44.

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

Failure to avoid sub-$46.60 levels could see Litecoin give up Wednesday’s gains.

A fall back through the morning low $47.02 to sub-$46.60 levels would bring the first major support level at $45.79 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$45 and the second major support level at $44.46.

Looking at the Technical Indicators

Major Support Level: $45.79

Major Resistance Level: $47.95

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 4.69% on Wednesday. Following on from a trend-bucking 3.42% gain on Tuesday, Stellar’s Lumen ended the day at $0.082848.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.077058 before making a move.

Steering clear of the first major support level at $0.07383, Stellar’s Lumen rallied to a late afternoon intraday high $0.083151.

Falling short of the first major resistance level at $0.08443, Stellar’s Lumen fell back to $0.081 levels before wrapping up the day at $0.082 levels.

At the time of writing, Stellar’s Lumen was up by 3.19% to $0.085489. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.083322 to a high $0.0855064

Stellar’s Lumen broke through the first major resistance level at $0.084980 early on.

XLM/USD 04/06/20 Daily Chart

For the day ahead

Stellar’s Lumen would avoid sub-0.085 levels to take a run at the second major resistance level at $0.08711.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.085506.

Barring another broad-based crypto rally, resistance at $0.086 would likely limit any upside on the day.

Failure to avoid sub-$0.085 levels could see Stellar’s Lumen hit reverse.

A fall through the morning low $0.083322 to sub-$0.081 levels would bring the first major support level at $0.07889 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.080 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07889

Major Resistance Level: $0.08498

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 3.21% on Wednesday. Partially reversing a 4.57% slide from Tuesday, Tron’s TRX ended the day at $0.016890.

Tracking the broader market, Tron’s TRX fell to an early morning intraday low $0.016043 before making a move.

Steering clear of the first major support level at $0.01540, Tron’s TRX rallied to a late intraday high $0.016936.

Falling short of the first major resistance level at $0.01737, Tron’s TRX eased back to wrap up the day at $0.01680 levels.

At the time of writing, Tron’s TRX was up by 1.59% to $0.017159. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.016918 to a high $0.017252.

Tron’s TRX came up against the first major resistance level at $0.017252 early on.

TRX/USD 04/06/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01662 levels to support another run at the first major resistance level at $0.01721.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.01720 levels.

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

Failure to avoid sub-$0.01662 levels would bring the first major support level at $0.01631 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01573.

Looking at the Technical Indicators

Major Support Level: $0.01631

Major Resistance Level: $0.01721

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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