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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 07/04/20

By:
Bob Mason
Published: Apr 7, 2020, 02:49 UTC

It's a mixed start to the day for the majors. Failure to move back through early highs could see the majors give up Monday's gains...

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Litecoin

Litecoin rallied by 11.77% on Monday. Following on from an 8.84% gain from last week, Litecoin ended the day at $45.12.

A bullish day saw Litecoin rally from an early morning intraday low $40.37 to a final hour intraday high $45.15.

Steering clear of the major support levels, Litecoin broke through the day’s major resistance levels.

At the time of writing, Litecoin was up by 0.33% to $45.27. A mixed start to the day saw Litecoin rise from an early morning low $45.01 to a high $46.27 before easing back.

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

LTC/USD 07/04/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $46 levels to support another run the first major resistance level at $46.72.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $46.27.

Barring an extended crypto rally, the first major resistance would likely pin Litecoin back on the day.

Failure to move back through to $46 levels could see Litecoin join the rest of the major cryptos in the red.

A fall back through the morning low to sub-$43.60 levels would bring the first major support level at $41.94 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$42 levels on the day.

Looking at the Technical Indicators

Major Support Level: $41.94

Major Resistance Level: $46.72

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 14.42% on Monday. Following on from a 15.37% rally last week, Stellar’s Lumen ended the day at $0.05000.

A bullish day saw Stellar’s Lumen rally from an early morning intraday low $0.04370 to a late intraday high $0.05000.

Stellar’s Lumen broke through the day’s major resistance levels to visit $0.050 levels for the 1st time since 12th March.

At the time of writing, Stellar’s Lumen was down by 1.45% to $0.049273. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.051481 before falling to a low $0.049273.

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

XLM/USD 07/04/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through to $0.050 levels to support a run at the first major resistance level at $0.05210.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through the morning high $0.051481.

Barring an extended crypto rally, resistance at $0.051 would leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.050 levels could see Stellar’s Lumen struggle later in the day.

A fall back through to sub-$0.04790 levels would bring the first major support level at $0.04580 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.048 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.04580

Major Resistance Level: $0.05210

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 8.36% on Monday. Following on from a 17.90% rally last week, Tron’s TRX ended the day at $0.013765.

A bullish day saw Tron’s TRX rally from an early morning intraday low $0.012669 to a final hour intraday high $0.013824.

Tron’s TRX broke through the major resistance levels to hold onto $0.013 levels for the 1st time since 11th March.

At the time of writing, Tron’s TRX was down by 2.02% to $0.013487. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014069 before falling to a low $0.013486.

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

TRX/USD 07/04/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.014 levels to support a run at the first major resistance level at $0.01417.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from the morning high $0.014069.

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

Failure to move back through to $0.014 levels could see Tron’s TRX slide deeper into the red.

A fall through to sub-$0.01340 levels would bring the first major support level at $0.01301 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01226.

Looking at the Technical Indicators

Major Support Level: $0.01301

Major Resistance Level: $0.01417

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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