Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 11/05/20

Litecoin

Litecoin tumbled by 10.22% on Sunday. Following on from a 1.66% fall on Saturday, Litecoin ended the week down 12.48% to $42.15.

It was a particularly bearish start to the day. Litecoin slumped from an intraday high $47.00 to a 1^st hour low $40.03.

Litecoin fell through the major support levels before briefly recovering to $43 levels.

The partial recovery saw Litecoin break back through the third major support level at $42.65 before sliding to a late afternoon intraday low $39.98.

Litecoin fell back through the third major support level before wrapping up the day at $42 levels. The third major support level pinned Litecoin back late on.

At the time of writing, Litecoin was up by 0.28% to $42.27. A mixed start to the day saw Litecoin rise from an early morning low $42.03 to a high $43.14.

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

For the day ahead

Litecoin would need to move back through to $43 levels to support a run the first major resistance level at $46.11.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $43.14.

Barring an extended crypto rally, resistance at $45 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $43 levels could see Litecoin struggle later in the day.

A fall through the morning low $42.03 would bring the first major support level at $39.09 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of sub-$40 on the day.

Looking at the Technical Indicators

Major Support Level: $39.09

Major Resistance Level: $46.11

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen tumbled by 10.00% on Sunday. Following on from a 0.66% fall on Saturday, Stellar’s Lumen ended the week down 12.28% to $0.064198.

Tracking the broader market, Stellar’s Lumen slid from an intraday high $0.071329 to a 1st-hour intraday low $0.058794.

Stellar’s Lumen slid through the major support levels before recovering through the morning to $0.065 levels.

A 2^nd sell-off, however, saw Stellar’s Lumen slide back to $0.060 levels before finding late support.

Stellar’s Lumen failed to break back through the third major support level at $0.06815 on the day.

At the time of writing, Stellar’s Lumen was up by 0.33% to $0.064411. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.065014 before falling to a low $0.064000.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.06480 levels to bring the first major resistance level at $0.07077 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.065014.

Barring an extended crypto rebound, resistance at $0.070 would likely leave the first major resistance level out of play.

Failure to move back through to $0.06480 levels could see Stellar’s Lumen hit reverse.

A fall through the morning low $0.06400 would bring the first major support level at $0.05819 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.060 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.05819

Major Resistance Level: $0.07077

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 tumbled by 10.77% on Sunday. Following on from a 0.43% decline on Saturday, Tron’s TRX ended the week down 10.50% to $0.014323.

The Sunday meltdown saw Tron’s TRX slide from an intraday high $0.016052 to a 1st-hour intraday low $0.01300.

Tron’s TRX fell through the day’s major support levels before recovering to $0.014 levels.

Falling short of the third major support level at $0.01522, Tron’s TRX slid back to $0.01350 levels before finding late support.

At the time of writing, Tron’s TRX was up by 0.14% to $0.014343. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014441 before falling to a low $0.014258.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.01450 levels to support a run at the first major resistance level at $0.01592.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014441.

Barring an extended crypto rebound, resistance at $0.015 would likely leave Tron’s TRX short of the first major resistance level.

Failure to move through to $0.01450 levels could see Tron’s TRX fall slide into the red.

A fall through the morning low $0.014258 would bring sub-$0.014 levels into play before any recovery.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the first major support level at $0.01286.

Looking at the Technical Indicators

Major Support Level: $0.01286

Major Resistance Level: $0.01592

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