Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 23/04/20

Litecoin

Litecoin rose by 2.92% on Wednesday. Following on from a 1.09% gain on Tuesday, Litecoin ended the day at $41.88.

A bearish start to the day saw Litecoin fall to an early morning intraday low $40.33 before making a move.

Steering clear of the first major support level at $40.10, Litecoin rallied to a late afternoon intraday high $42.38.

Litecoin broke through the first major resistance level at $41.35 and the second major resistance level at $42.00.

A late pullback saw Litecoin fall back through the second major resistance level to wrap up the day at sub-$42.00.

At the time of writing, Litecoin was down by 0.17% to $41.81. A mixed start to the day saw Litecoin fall to an early morning low $41.65 before striking a high $42.30.

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

For the day ahead

Litecoin would need to move back through to $42 levels to support a run the first major resistance level at $42.73.

Support from the broader market would be needed, however, for Litecoin to breakout out from Wednesday’s high $42.38.

Barring an extended crypto rally, the first major resistance level at $42.73 would likely limit any upside on the day.

Failure to move back through to $42 levels could see Litecoin fall deeper into the red.

A fall through to sub-$41.50 levels would bring the first major support level at $40.68 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.48.

Looking at the Technical Indicators

Major Support Level: $40.68

Major Resistance Level: $42.73

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 7.88% on Wednesday. Following on from a 1.52% gain on Tuesday, Stellar’s Lumen ended the day at $0.05490.

Bullish throughout the day, Stellar’s Lumen rallied from an early morning intraday low $0.050892 to an early afternoon intraday high $0.05497.

Stellar’s Lumen broke through the first major resistance level at $0.05209 and the second major resistance level at $0.05316.

In spite of a brief pullback to sub-$0.054 levels, Stellar’s Lumen held above the second major resistance level before breaking back through to $0.054 levels.

At the time of writing, Stellar’s Lumen was up by 2.91% to $0.056497. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.05500 to a high $0.057648.

Stellar’s Lumen broke through the first major resistance level at $0.05628 to test the second major resistance level at $0.05767.

For the day ahead

Stellar’s Lumen would need to hold above the first major resistance level at $0.05628 to take a run at the second major resistance level at $0.05767.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from the morning high $0.057648.

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

Failure to hold above the first major resistance level could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.05360 levels would bring the first major support level at $0.05220 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.050 levels.

Looking at the Technical Indicators

Major Support Level: $0.05220

Major Resistance Level: $0.05628

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 rose by 3.92% on Wednesday. Following on from a 0.84% gain on Tuesday, Tron’s TRX ended the day at $0.012991.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.012462 before making a move.

Steering clear of the first major support level at $0.01233, Tron’s TRX rallied to a late afternoon intraday high $0.013129.

Tron’s TRX broke through the first major resistance level at $0.01270 and the second major resistance level at $0.01289.

In spite of a late pullback, Tron’s TRX held above the second major resistance level until the day end.

At the time of writing, Tron’s TRX was up by 1.38% to $0.013170. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.012976 before striking a high $0.013170.

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

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.01290 levels to support a run at the first major resistance level at $0.01326.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.01320 levels.

Barring an extended crypto rally, the first major resistance level at $0.01326 would likely limit any upside.

Failure to avoid sub-$0.01290 levels could see Tron’s TRX struggle later in the day.

A fall back through to sub-$0.01290 levels would bring the first major support level at $0.01259 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.012 levels. The second major support level at $0.01219 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01259

Major Resistance Level: $0.01326

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