Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 07/05/20
Litecoin
Litecoin slid by 3.35% on Wednesday. Following on from ay 1.04% fall on Tuesday, Litecoin ended the day at $45.06.
It was a mixed start to the day. Litecoin fell to an early morning low $46.13 before striking a mid-day intraday high $47.64.
Coming up against the first major resistance level at $47.68, Litecoin slid to a final hour intraday low $44.47.
Litecoin fell through the first major support level at $45.63 and the second major support level at $44.69.
Finding late support, Litecoin broke back through the second major support level to wrap up the day at $45 levels.
At the time of writing, Litecoin was up by 3.08% to $46.45. A mixed start to the day saw Litecoin fall to an early morning low $44.50 before striking a high $46.49.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to avoid sub-$45.70 levels to support a run the first major resistance level at $46.98.
Support from the broader market would be needed, however, for Litecoin to break out from the morning high $46.49.
Barring an extended crypto rally, the first major resistance level would likely cap any upside on the day.
Failure to avoid sub-$45.70 levels could see Litecoin struggle later in the day.
A fall through the morning low $44.50 would bring the first major support level at $43.81 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $42.55.
Looking at the Technical Indicators
Major Support Level: $43.81
Major Resistance Level: $46.98
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen slid by 2.83% on Wednesday. Following on from a 1.89% fall on Tuesday, Stellar’s Lumen ended the day at $0.069823.
Recovering from an early morning low $0.071219, Stellar’s Lumen struck a mid-day intraday high $0.073217 before hitting reverse.
Falling short of the first major resistance level at $0.07444, Stellar’s Lumen slid to a final hour intraday low $0.069500.
Stellar’s Lumen fell through the first major support level at $0.07029 to wrap up the day at sub-$0.070 levels.
At the time of writing, Stellar’s Lumen was up by 3.68% to $0.072393. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.068643 before striking a high $0.072717.
Stellar’s Lumen broke through the first major resistance level at $0.072190 early on.
For the day ahead
Stellar’s Lumen would need to move through to $0.0730 levels to bring the second major resistance level at $0.07456 into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.073217.
Barring an extended crypto rally, the first major resistance level at $0.07219 and resistance at $0.073 would likely limit any upside on the day.
Failure to move through to $0.0730 levels could see Stellar’s Lumen hit reverse.
A fall through to sub-$0.07085 levels would bring the first major support level at $0.06848 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06713.
Looking at the Technical Indicators
Major Support Level: $0.06848
Major Resistance Level: $0.07219
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 fell by 2.21% on Wednesday. Following on from a 2.56 slide on Tuesday, Tron’s TRX ended the day at $0.015529.
A bearish start to the day saw Tron’s TRX slide to an early morning low $0.015603 before making a move.
Steering clear of the major support levels, Tron’s TRX rallied to a late morning intraday high $0.016298.
Falling short of the first major resistance level at $0.01647, Tron’s TRX slid to a final hour intraday low $0.015529.
The first major support level at $0.015520 limited the downside at the day end.
At the time of writing, Tron’s TRX was up by 2.13% to $0.015860. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.01540 before striking a high $0.015878.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX would need to avoid sub-$0.01580 levels to support a run at the first major resistance level at $0.01604.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.015878.
Barring an extended crypto rally, the first major resistance level at $0.01604 would likely limit any upside.
Failure to avoid sub-$0.01580 levels could see Tron’s TRX fall slide into the red.
A fall through the morning low $0.015400 would bring the first major support level at $0.01527 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.015 levels.
The second major support level at $0.01502 would likely leave the second major resistance untested on the day.
Looking at the Technical Indicators
Major Support Level: $0.01527
Major Resistance Level: $0.01604
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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