Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 16/04/20

Litecoin

Litecoin slid by 4.66% on Wednesday. Following on from a 0.36% fall on Tuesday, Litecoin ended the day at $39.30.

A mixed start to the day saw Litecoin rise an early morning high $41.80 before hitting reverse. Falling short of the first major resistance level at $41.95, Litecoin slid to a final hour intraday low $39.12.

Litecoin fell through the first major support level at $40.51 and the second major support level at $39.79.

Steering clear of sub-$39 levels, Litecoin broke back through the second major support level at the day end.

At the time of writing, Litecoin was down by 1.35% to $38.77. A mixed start to the day saw Litecoin slide from an early morning high $39.30 to a low $38.00.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $38.35 early on.

For the day ahead

Litecoin would need to move back through to $40 levels to support a run the first major resistance level at $41.03.

Support from the broader market would be needed, however, for Litecoin to breakout out from the morning high $39.30.

Barring a broad-based crypto rebound, resistance at $40 would likely leave Litecoin short of the first major resistance level.

Failure to move through to $40 levels could see Litecoin struggle throughout the day.

A fall back through the first major support level at $38.35 would bring sub-$38 levels into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $37.39.

Looking at the Technical Indicators

Major Support Level: $41.03

Major Resistance Level: $38.35

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 3.38% on Wednesday. Following on from a 0.16% decline on Tuesday, Stellar’s Lumen ended the day at $0.046183.

A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.048183 before hitting reverse.

Falling short of the first major resistance level at $0.04886, Stellar’s Lumen fell to a final hour intraday low $0.046098.

Stellar’s Lumen fell through the first major support level at $0.04777 and the second major support level at $0.04719.

At the time of writing, Stellar’s Lumen was down by 1.44% to $0.04552. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.046000 to a low $0.044789.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.04546 early on.

For the day ahead

Stellar’s Lumen would need to move through to $0.04680 levels to support a run at the first major resistance level at $0.04754.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from the morning high $0.046000.

Barring a broad-based crypto rebound, resistance at $0.046 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.04680 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through the first major support level at $0.04546 would bring the second major support level at $0.04474 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.044 support levels.

Looking at the Technical Indicators

Major Support Level: $0.04546

Major Resistance Level: $0.04754

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 fell by 1.18% on Wednesday. Following on from a 0.75% decline on Tuesday, Tron’s TRX ended the day at $0.012236.

A mixed start to the day saw Tron’s TRX rise to a mid-morning intraday high $0.012601 before hitting reverse.

Falling short of the first major resistance level at $0.1271, Tron’s TRX slid to a final hour intraday low $0.012153

Tron’s TRX fell through the first major support level at $0.01234 to find support at the second major support level at $0.01220.

A late move back through the second major support level limited the downside on the day.

At the time of writing, Tron’s TRX was down by 2.07% to $0.011983. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.01220 to a low $0.011842.

Steering clear of the major resistance levels, Tron’s TRX fell through the first major support level at $0.01206 and the second major support level at $0.01188.

For the Day Ahead

Tron’s TRX would need to move through to $0.01233 levels to support a run at the first major resistance level at $0.01251.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major support level at $0.01206.

Barring a broad-based crypto rebound, the first major resistance level at $0.01251 would likely limit any upside.

Failure to move through to $0.01233 levels could see Tron’s TRX see red for a 4^th consecutive day.

A fall back through the second major support level at $0.01188 levels would bring the third major support level at $0.01143 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.011 levels.

Looking at the Technical Indicators

Major Support Level: $0.01206

Major Resistance Level: $0.01251

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