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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 18/05/20

Bob Mason
·5 mins read

Litecoin

Litecoin rose by 1.11% on Sunday. Following on from a 1.33% gain on Saturday, Litecoin ended the week up by 3.78% to $43.69.

A bullish morning saw Litecoin rally from an intraday low $43.09 to a mid-day intraday high $44.50.

Litecoin broke through the first major resistance level at $43.93 to come up against the second major resistance level at $44.60.

A bearish 2nd half of the day saw Litecoin fall back through to $43 levels to limit the upside on the day. The reversal also saw Litecoin fall back through the first major resistance level at $43.93.

At the time of writing, Litecoin was up by 1.51% to $44.35. A bullish start to the day saw Litecoin rise from an early morning low $43.64 to a high $44.52.

Litecoin broke through the first major resistance level at $44.43 early on.

For the day ahead

Litecoin would need to move back through the first major resistance level to bring the second major resistance level at $45.18 into play.

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $44.52.

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

Failure to move through the first major resistance level could see Litecoin struggle later in the day.

A fall back through to sub-$43.80 levels would bring the first major support level at $43.01 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear the second major support level at $42.34.

Looking at the Technical Indicators

Major Support Level: $43.01

Major Resistance Level: $44.43

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 1.51% on Sunday. Following on from a 1.85% gain on Saturday, Stellar’s Lumen ended the week up by 6.23% to $0.068994.

A bullish morning saw Stellar’s Lumen rally from an intraday low $0.067968 to an early afternoon intraday high $0.071519.

Stellar’s Lumen broke through the first major resistance level at $0.06889 and the second major resistance level at $0.06966.

Falling short of the third major resistance level at $0.07156, Stellar’s Lumen slid back to sub-$0.069 levels.

The pullback saw Stellar’s Lumen fall back through the second major resistance level before steadying.

At the time of writing, Stellar’s Lumen was up by 1.46% to $0.069999. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.068782 to a high $0.069999.

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 $0.070 levels to bring the first major resistance level at $0.07102 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.07050 levels.

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

Failure to move through to $0.070 levels could see Stellar’s Lumen fall into the red.

A fall through to sub-$0.06950 levels would bring the first major support level at $0.06747 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.067 support levels.

Looking at the Technical Indicators

Major Support Level: $0.06747

Major Resistance Level: $0.07102

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 0.34% on Sunday. Following on from a 0.76% gain from Saturday, Tron’s TRX ended the week up by 4.93% to $0.014993.

A relatively bullish start to the day saw Tron’s TRX rise to a mid-day intraday high $0.015154.

Tron’s TRX broke through the first major resistance level at $0.01513 before hitting reverse.

The reversal saw Tron’s TRX slide to a late intraday low $0.014918. In spite of the reversal, Tron’s TRX steered well clear of the first major support level at $0.01477.

At the time of writing, Tron’s TRX was up by 1.06% to $0.015151. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.015016 to a high $0.015151.

Tron’s TRX broke through the first major resistance level at $0.01513 early on.

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.015 levels to support a run at the second major resistance level at $0.01526.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major resistance level at $0.01513.

Barring an extended crypto rebound, the first major resistance level and Sunday’s high $0.015154 would likely limit any upside.

Failure to avoid sub-$0.015 levels could see Tron’s TRX struggle later in the day.

A fall through the morning low to sub-$0.015 levels would bring the first major support level at $0.01489 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01479.

Looking at the Technical Indicators

Major Support Level: $0.01489

Major Resistance Level: $0.01513

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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