Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 03/06/20
Litecoin
Litecoin slid by 4.68% on Tuesday. Partially reversing a 5.92% rally from Monday, Litecoin ended the day at $46.03.
A bullish start to the day saw Litecoin rally to an early morning intraday high $49.90 before hitting reverse.
Litecoin broke through the first major resistance level at $49.71 before sliding to an early afternoon intraday low $44.52.
Litecoin fell through the first major support level at $46.09 before briefly hitting $46.22.
At the time of writing, Litecoin was down by 0.33% to $45.88. A mixed start to the day saw Litecoin rise to an early morning high $46.28 before falling to a low $45.58.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through to $46.80 levels to bring the first major resistance level at $49.11 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $48 levels.
Barring another extended crypto rally, the first major resistance level should limit any upside.
Failure to move through to $46.80 levels could see Litecoin fall deeper into the red.
A fall back through the morning low $45.58 would bring the first major support level at $43.73 into play.
Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$43 and the second major support level at $41.44.
Looking at the Technical Indicators
Major Support Level: $43.7
Major Resistance Level: $49.11
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 3.42% on Tuesday. Following on from a 9.25% breakout on Monday, Stellar’s Lumen ended the day at $0.079017.
A bullish start to the day saw Stellar’s Lumen rally to a midday intraday high $0.084660 before hitting reverse.
Stellar’s Lumen broke through the first major resistance level at $0.07862 and the second major resistance level at $0.08085.
The reversal saw Stellar’s Lumen slide back to an early afternoon intraday low $0.074057 before bouncing back.
Steering clear of the first major support level at $0.072060, Stellar’s Lumen struck a high $0.081053 before easing back.
The late rebound saw Stellar’s Lumen break back through the first and second major resistance levels before wrapping up the day at sub-$0.080.
At the time of writing, Stellar’s Lumen was down by 1.31% to $0.077982. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.079138 to a low $0.077058.
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 $0.07930 levels to bring the first major resistance level at $0.08443 into play.
Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.080 levels.
Barring another broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move through to $0.07930 levels could see Stellar’s Lumen fall deeper into the red.
A fall through to sub-$0.077 levels would bring the first major support level at $0.07383 into play.
Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.074 support levels.
Looking at the Technical Indicators
Major Support Level: $0.07383
Major Resistance Level: $0.08443
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 4.57% on Tuesday. Partially reversing a 7.97% rally from Monday, Tron’s TRX ended the day at $0.016313.
A bullish start to the day saw Tron’s TRX rally to an early afternoon intraday high $0.017501 before hitting reverse.
Coming up against the first major resistance level at $0.01752, Tron’s TRX slid to an early afternoon intraday low $0.015531.
Falling through the first major support level at $0.01618, Tron’s TRX found support at the second major support level at $0.01530.
Tron’s TRX broke back through the first major support level to wrap up the day at $0.01630 levels.
At the time of writing, Tron’s TRX was down by 0.57% to $0.016220. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.016396 to a low $0.016115.
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 $0.01650 levels to support a run at the first major resistance level at $0.01737.
Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.017 levels.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside.
Failure to move through to $0.01650 levels could see Tron’s TRX fall deeper into the red.
A fall through the morning low to sub-$0.016 levels would bring the first major support level at $0.01540 into play.
Barring an extended crypto sell-off, however, Tron’s TRX should steer well clear of the second major support level at $0.01448.
Looking at the Technical Indicators
Major Support Level: $0.01540
Major Resistance Level: $0.01737
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
