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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 14/05/20

It’s a mixed start to the day for the majors. A move back through Wednesday’s highs would bring resistance levels into play.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Litecoin

Litecoin rose by 2.41% on Wednesday. Following on from a by 1.83% gain on Tuesday, Litecoin ended the day at $43.26.

Bullish throughout the day, Litecoin rallied from an early morning intraday low $41.99 to a late intraday high $43.82.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $42.98.

In spite of a late pullback, Litecoin avoided a return to sub-$43 levels to deliver the upside on the day.

At the time of writing, Litecoin was down by 0.60% to $43.00. A mixed start to the day saw Litecoin rise to an early morning high $43.41 before falling to a low $42.86.

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

For the day ahead

Litecoin would need to move through to $43.10 levels to support a run the first major resistance level at $44.06.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $43.82.

Barring an extended crypto rally, the first major resistance level, and Wednesday’s high would likely limit any upside.

Failure to move through to $43.10 levels could see Litecoin struggle later in the day.

A fall back through the morning low $42.86 would bring the first major support level at $42.23 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear the second major support level at $41.19.

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Looking at the Technical Indicators

Major Support Level: $42.23

Major Resistance Level: $44.06

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen fell by 0.71% on Wednesday. Following a 12.16% rally on Tuesday, Stellar’s Lumen ended the day at $0.069707.

A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.070639 before visiting the red.

Falling short of the major resistance levels, Stellar’s Lumen fell to a mid-morning intraday low $0.068157.

Steering clear of the first major support level at $0.06482, Stellar’s Lumen rallied to a late intraday high $0.070736.

Falling well short of the first major resistance level at $0.07274, Stellar’s Lumen slid back to sub-$0.070 and into the red.

At the time of writing, Stellar’s Lumen was down by 0.39% to $0.069437. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.070037 before falling to a low $0.069437.

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 $0.06955 levels to bring the first major resistance level at $0.07091 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.070736.

Barring an extended crypto rebound, the first major resistance level would likely limit any upside.

Failure to move through to $0.06955 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.06900 levels would bring the first major support level at $0.06833 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06695.

Looking at the Technical Indicators

Major Support Level: $0.06833

Major Resistance Level: $0.07091

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 3.41% on Wednesday. Following on from a 3.23% gain on Tuesday, Tron’s TRX ended the day at $0.015091.

A choppy start to the day saw Tron’s TRX rally from an intraday low $0.014593 to an early morning intraday high $0.015319.

Tron’s TRX broke through the first major resistance level at $0.01501 and second major resistance level at $0.01547 before pulling back.

The pullback saw Tron’s TRX return to sub-$0.015 levels before revisiting $0.01520 levels late in the day.

While breaking back through the first major resistance level, Tron’s TRX failed to retest the second major resistance level.

A late pullback limited the upside on the day,  though Tron’s TRX managed to wrap up the day at $0.015 levels.

At the time of writing, Tron’s TRX was down by 0.85% to $0.014963. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.015098 before falling to a low $0.014946.

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 $0.015 levels to support a run at the first major resistance level at $0.01541.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the Wednesday’s high $0.015319.

Barring an extended crypto rebound, the first major resistance level, and Wednesday’s high would likely limit any upside.

Failure to move through to move back through to $0.015 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low to sub-$0.014900 levels would bring the first major support level at $0.01468 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01428.

Looking at the Technical Indicators

Major Support Level: $0.01468

Major Resistance Level: $0.01541

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

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