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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 14/05/20

Bob Mason

Litecoin

Litecoin rose by 2.41% on Wednesday. Following on from a by 1.83% gain on Tuesday, Litecoin ended the day at $43.26.

Bullish throughout the day, Litecoin rallied from an early morning intraday low $41.99 to a late intraday high $43.82.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $42.98.

In spite of a late pullback, Litecoin avoided a return to sub-$43 levels to deliver the upside on the day.

At the time of writing, Litecoin was down by 0.60% to $43.00. A mixed start to the day saw Litecoin rise to an early morning high $43.41 before falling to a low $42.86.

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

For the day ahead

Litecoin would need to move through to $43.10 levels to support a run the first major resistance level at $44.06.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $43.82.

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

Failure to move through to $43.10 levels could see Litecoin struggle later in the day.

A fall back through the morning low $42.86 would bring the first major support level at $42.23 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear the second major support level at $41.19.

Looking at the Technical Indicators

Major Support Level: $42.23

Major Resistance Level: $44.06

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 0.71% on Wednesday. Following a 12.16% rally on Tuesday, Stellar’s Lumen ended the day at $0.069707.

A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.070639 before visiting the red.

Falling short of the major resistance levels, Stellar’s Lumen fell to a mid-morning intraday low $0.068157.

Steering clear of the first major support level at $0.06482, Stellar’s Lumen rallied to a late intraday high $0.070736.

Falling well short of the first major resistance level at $0.07274, Stellar’s Lumen slid back to sub-$0.070 and into the red.

At the time of writing, Stellar’s Lumen was down by 0.39% to $0.069437. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.070037 before falling to a low $0.069437.

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 $0.06955 levels to bring the first major resistance level at $0.07091 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.070736.

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

Failure to move through to $0.06955 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.06900 levels would bring the first major support level at $0.06833 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06695.

Looking at the Technical Indicators

Major Support Level: $0.06833

Major Resistance Level: $0.07091

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 3.41% on Wednesday. Following on from a 3.23% gain on Tuesday, Tron’s TRX ended the day at $0.015091.

A choppy start to the day saw Tron’s TRX rally from an intraday low $0.014593 to an early morning intraday high $0.015319.

Tron’s TRX broke through the first major resistance level at $0.01501 and second major resistance level at $0.01547 before pulling back.

The pullback saw Tron’s TRX return to sub-$0.015 levels before revisiting $0.01520 levels late in the day.

While breaking back through the first major resistance level, Tron’s TRX failed to retest the second major resistance level.

A late pullback limited the upside on the day,  though Tron’s TRX managed to wrap up the day at $0.015 levels.

At the time of writing, Tron’s TRX was down by 0.85% to $0.014963. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.015098 before falling to a low $0.014946.

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

For the Day Ahead

Tron’s TRX would need to move back through to $0.015 levels to support a run at the first major resistance level at $0.01541.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the Wednesday’s high $0.015319.

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

Failure to move through to move back through to $0.015 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low to sub-$0.014900 levels would bring the first major support level at $0.01468 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01428.

Looking at the Technical Indicators

Major Support Level: $0.01468

Major Resistance Level: $0.01541

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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