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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 01/06/20

Bob Mason

Litecoin

Litecoin slid by 4.48% on Sunday. Partially reversing a 7.30% rally from Saturday, Litecoin ended the week up by 8.37% to $45.60. In spite of the week’s rally, Litecoin fell by 1.70% in May.

It was a mixed start to the day. Litecoin fell from an early morning intraday high $45.32 to an early morning low $46.22.

Steering clear of the major support levels, Litecoin recovered to $47.5 levels before hitting reverse.

Continuing to fall well short of the first major resistance level at $49.17, Litecoin slid to a final hour intraday low $45.32.

Litecoin came within range of the first major support level at $45.22 before wrapping up the day at $45.60.

At the time of writing, Litecoin was up by 0.31% to $45.74. A mixed start to the day saw Litecoin fall to an early morning low $45.34 before striking a high $45.85.

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

For the day ahead

Litecoin would need to move through to $46.30 levels to bring the first major resistance level at $47.17 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $45.85.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $47.81 should limit any upside.

Failure to move through to $46.30 levels could see Litecoin hit reverse.

A fall back through the morning low $45.34 would bring the first major support level at $44.68 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$44 and the second major support level at $43.75.

Looking at the Technical Indicators

Major Support Level: $44.68

Major Resistance Level: $47.17

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 2.61% on Sunday. Partially reversing a 7.81% rally from Saturday, Stellar’s Lumen ended the week up by 10.59% to $0.07073. The week’s rally delivered a 3.37% gain for the month of May.

It was a mixed start to the day. Stellar’s Lumen rallied from an early morning low $0.070166 to an early afternoon intraday high $0.076325 before hitting reverse.

Stellar’s Lumen broke through the first major resistance level at $0.07463 before sliding to a final hour intraday low $0.069143.

Steering clear of the first major support level at $0.06891, Stellar’s Lumen recovered to $0.070 levels to limit the loss.

At the time of writing, Stellar’s Lumen was up by 0.77% to $0.071278. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.069934 before striking a high $0.071371.

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 $0.072 levels to bring the first major resistance level at $0.075 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.074 levels.

Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through to $0.072 levels could see Stellar’s Lumen hit reverse.

A fall through Sunday’s low $0.069143 would bring the first major support level at $0.06781 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer well clear of the second major support level at $0.06488.

Looking at the Technical Indicators

Major Support Level: $0.06781

Major Resistance Level: $0.07500

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 slid by 2.99% on Sunday. Partially reversing a 9.26 rally from Saturday, Tron’s TRX ended the week up by 12.15% to $0.015889. The bullish week delivered a 4.11% gain for the month of May.

It was a mixed start to the day. Tron’s TRX fell to an early morning low $0.015950 before striking a midday intraday high $0.017202.

Tron’s TRX broke through the first major resistance level at $0.01685 before sliding to a final hour intraday low $0.015456

Steering clear of the first major support level at $0.01539, Tron’s TRX wrapped up the day at $0.01580 levels.

At the time of writing, Tron’s TRX was up by 0.14% to $0.015912. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.015753 before striking a high $0.016010.

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 $0.01620 levels to support a run at the first major resistance level at $0.01691.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.016010.

Barring a broad-based crypto rally, the first major resistance level and Sunday’s high $0.017202 would likely limit any upside.

Failure to move through to $0.01620 levels could see Tron’s TRX fall back into the red.

A fall through the morning low $0.015753 would bring the first major support level at $0.01516 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01444.

Looking at the Technical Indicators

Major Support Level: $0.01516

Major Resistance Level: $0.01691

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

This article was originally posted on FX Empire

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