Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 28/05/20

Litecoin

Litecoin rallied by 3.79% on Wednesday. Reversing a 1.61% decline from Tuesday, Litecoin ended the day at $43.87.

It was a bullish start to the day. Litecoin rallied from an early morning intraday low $42.23 to a late afternoon intraday high $43.98.

Litecoin broke through the first major resistance level at $42.98 and the second major resistance level at $43.66 before pulling back.

A late pullback saw Litecoin fall back through the second major resistance level to sub-$43.30 levels before finding late support.

A final hour rally saw Litecoin break back through the second major resistance level to wrap up the day at $43.8 levels.

At the time of writing, Litecoin was down by 0.41% to $43.69. A bearish start to the day saw Litecoin fall from an early morning high $43.86 to a low $43.65.

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

For the day ahead

Litecoin would need to avoid sub-$43.40 levels to bring the first major resistance level at $44.49 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from Wednesday’s high $43.98.

Barring an extended crypto rally, Wednesday’s high would likely leave Litecoin short of the first major resistance level and.

Failure to avoid sub-$43.40 levels could see Litecoin fall deeper into the red.

A fall back through the morning low to sub-$43.40 would bring the first major support level at $42.74 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$42 and the second major support level at $41.61.

Looking at the Technical Indicators

Major Support Level: $42.74

Major Resistance Level: $44.49

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 1.59% on Wednesday. Partially reversing a 1.76% fall from Tuesday, Stellar’s Lumen ended the day at $0.066041.

It was a bullish start to the day. Stellar’s Lumen rallied from an early morning intraday low $0.064520 to a late morning intraday high $0.067666 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.06619 and the second major resistance level at $0.06749.

The reversal saw Stellar’s Lumen slide back through the major resistance levels before finding late support to wrap up the day at $0.066 levels.

At the time of writing, Stellar’s Lumen was up by just 0.01% to $0.066050. There were no major movements within the 1^st hour of the day.

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 $0.06610 levels to bring the first major resistance level at $0.06763 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.067 levels.

Barring a broad-based crypto rally, the first major resistance level and Wednesday’s high $0.067666 would likely limit any upside.

Failure to move back through to $0.06610 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.065 levels would bring the first major support level at $0.06449 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.06293.

Looking at the Technical Indicators

Major Support Level: $0.06449

Major Resistance Level: $0.06763

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 0.58% on Wednesday. Partially reversing a 0.74% decline from Tuesday, Tron’s TRX ended the day at $0.014710.

It was a bullish start to the day. Tron’s TRX rallied from an early morning low $0.014529 to a late morning intraday high $0.015041 before hitting reverse.

Tron’s TRX broke through the first major resistance level at $0.01479 and the second major resistance level at $0.01498.

The reversal saw Tron’s TRX slide through the major resistance levels to a late intraday low $0.014502 into the red.

Late in the day, however, Tron’s TRX moved back through to $0.01470 levels to end the day in the green.

In spite of the late pullback, Tron’s TRX steered clear of the first major support level at $0.01432.

At the time of writing, Tron’s TRX was down by 0.11% to $0.014694. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.014725 before falling to a low $0.014694.

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 $0.01480 levels to support a run at the first major resistance level at $0.01499.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014725.

Barring a broad-based crypto rebound, the first major resistance level and Wednesday’s high $0.015041 would likely limit any upside.

Failure to move through to $0.01480 levels could see Tron’s TRX fall deeper into the red.

A fall through Wednesday’s low $0.014521 would bring the first major support level at $0.01447 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels. The second major support level at $0.01424 would likely limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01447

Major Resistance Level: $0.01499

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