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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 05/03/20

By:
Bob Mason
Published: Mar 5, 2020, 04:28 UTC

The trio joins the pack in positive territory early on. We've seen a failure to test resistance levels lead to a reversal. Expect more of the same.

Bitcoin and Litecoin over dollar banknotes.

Litecoin

Litecoin fell by 1.07% on Wednesday. Following on from a 0.76% decline on Tuesday, Litecoin ended the day at $60.36.

A bullish start to the day saw Litecoin rise to an early morning intraday high $61.80.

Falling short of the first major resistance level at $62.53, Litecoin fell to a late afternoon intraday low $58.81.

Litecoin fell through the first major support level at $59.38 before recovering to $60 levels late in the day.

At the time of writing, Litecoin was up by 0.71% to $60.79. A bullish start to the day saw Litecoin rise from an early morning low $60.36 to a high $61.31.

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

LTC/USD 05/03/20 Daily Chart

For the day ahead

Litecoin would need to move through the morning high to $61 levels to support a run the first major resistance level at $61.84.

Support from the broader market would be needed, however, for Litecoin to break out from this morning’s high $61.31.

Barring an extended crypto rally, Litecoin the first major resistance level and 23.6% FIB of $62 should limit any upside.

Failure to move through to $61 levels could see Litecoin hit reverse.

A fall back through to sub-$60.30 levels would bring the first major support level at $58.85 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $57.33.

Looking at the Technical Indicators

Major Support Level: $58.85

Major Resistance Level: $61.84

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 0.29% on Wednesday. Partially reversing a 1.23% fall from Tuesday, Stellar’s Lumen ended the day at $0.05860.

A bullish start to the day saw Stellar’s Lumen rise to a late morning intraday high $0.059248 before hitting reverse.

Falling short of the first major resistance level at $0.05998, Stellar’s Lumen fell to a late afternoon intraday low $0.05800.

Steering clear of the first major support level at $0.05736, Stellar’s Lumen recovered to $0.0586 levels to wrap up the day in the green.

At the time of writing, Stellar’s Lumen was up by 2.51% to $0.060069. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.058983 to a high $0.060499.

Stellar’s Lumen broke through the first major resistance level at $0.05923 and the second major resistance level at $0.05986.

XLM/USD 05/03/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to avoid sub-$0.060 levels to support a run at the third major resistance level to $0.061110.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.061 levels.

Barring a broad-based crypto rebound, the second major resistance level would likely limit any upside on the day.

Failure to steer clear of sub-$0.060 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.05860 levels would bring the first major support level at $0.05798 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.059 levels.

Looking at the Technical Indicators

Major Support Level: $0.05798

Major Resistance Level: $0.05923

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 3.23% on Wednesday. Reversing a 1.79% fall from Tuesday, Tron’s TRX ended the day at $0.017853.

A bullish start to the day saw Tron’s TRX rise to a late morning high $0.017728 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01763 before sliding to a late afternoon intraday low $0.01710.

Steering clear of the first major support level at $0.01698, Tron’s TRX bounced back to wrap up the day at $0.0178 levels.

At the time of writing, Tron’s TRX was up by 1.22% to $0.018070. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.017787 to a high $0.018174.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01802.

TRX/USD 05/03/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to steer clear of sub-$0.018 levels to support another run at the second major resistance level at $0.01819.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.018174.

Barring an extended crypto rally, the second major resistance would likely cap any upside on the day.

Failure to steer clear of sub-$0.018 levels could see Tron’s TRX hit reverse.

A fall back through to sub-$0.01760 levels would bring the first major support level at $0.01739 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01693.

Looking at the Technical Indicators

Major Support Level: $0.01739

Major Resistance Level: $0.01802

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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