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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 19/05/20

Bob Mason

Litecoin

Litecoin rallied by 3.73% on Monday. Following on from a 1.11% gain on Sunday, Litecoin ended the day at $45.33.

A bullish start to the day saw Litecoin surge from an intraday low $43.64 to a mid-morning intraday high $47.50.

Litecoin broke through the major resistance levels before sliding back to $44.57 by late morning.

The reversal saw Litecoin fall back through the third major resistance level at $46.60 and second major resistance level at $45.18.

Finding support going into the after, Litecoin broke back through the second major resistance level at $45.18.

At the time of writing, Litecoin was down by 0.77% to $44.98. A bearish start to the day saw Litecoin fall from an early morning high $45.35 to a low $44.75.

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

For the day ahead

Litecoin would need to move through to $45.50 levels to bring the first major resistance level at $47.34 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $45.35.

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

Failure to move through to $45.50 levels could see Litecoin fall deeper into the red.

A fall back through the morning low $44.75 would bring the first major support level at $43.48 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 levels.

Looking at the Technical Indicators

Major Support Level: $43.48

Major Resistance Level: $47.34

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 1.86% on Monday. Following on from a 1.51% gain on Sunday, Stellar’s Lumen ended the day at $0.70128.

A bullish morning saw Stellar’s Lumen rally from an intraday low $0.068782 to an early morning intraday high $0.071421.

Stellar’s Lumen broke through the first major resistance level at $0.07102 before hitting reverse.

The reversal saw Stellar’s Lumen fall back to $0.069 levels by late morning before finding support.

Through the 2nd half of the day, Stellar’s Lumen broke back through the first major resistance level at $0.070102 to wrap up the day in the green.

At the time of writing, Stellar’s Lumen was down by $0.90% to $0.069499. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.070150 to a low $0.069499.

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 $0.07010 levels to bring the first major resistance level at $0.07144 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.0710 levels.

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

Failure to move through to $0.07010 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.06920 levels would bring the first major support level at $0.06880 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.068 support levels.

Looking at the Technical Indicators

Major Support Level: $0.06880

Major Resistance Level: $0.07144

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 2.26% on Monday. Following on from a 0.34% gain on Sunday, Tron’s TRX ended the day at $0.015356.

A bullish start to the day saw Tron’s TRX rally to a mid-morning intraday high $0.015571 before hitting reverse.

Tron’s TRX broke through the major resistance levels before sliding to a late morning intraday low $0.015005.

Tron’s TRX fell back through the major resistance levels before striking a late afternoon high $0.015393.

The rebound saw Tron’s TRX break back through the first major resistance level at $0.01513 and the second major resistance level at $0.01526.

While easing back late in the day, Tron’s TRX avoided a pullback through the second major resistance level.

At the time of writing, Tron’s TRX was down by 1.15% to $0.015179. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015241 to a low $0.015179.

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 $0.01530 levels to support a run at the first major resistance level at $0.01562.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.015571.

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

Failure to move through to $0.01530 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low to sub-$0.01515 levels would bring the first major support level at $0.01505 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01474.

Looking at the Technical Indicators

Major Support Level: $0.01505

Major Resistance Level: $0.01562

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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