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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 27/05/20

Bob Mason

Litecoin

Litecoin fell by 1.61% on Tuesday. Partially reversing a 2.09% gain from Monday, Litecoin ended the day at $42.29.

A mixed start to the day saw Litecoin rose to an early morning intraday high $43.07 before hitting reverse.

Falling short of the first major resistance level at $43.59, Litecoin slid to a late afternoon intraday low $41.79.

Litecoin fell through the first major support level at $42.04 before recovering to wrap up the day at $42 levels.

At the time of writing, Litecoin was up by 0.33% to $42.43. A bullish start to the day saw Litecoin rise from an early morning low $42.23 to a high $42.60.

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

For the day ahead

Litecoin would need to avoid sub-$42.40 levels to bring the first major resistance level at $42.98 into play.

Support from the broader market would be needed, however, for Litecoin to breakout from the morning high $42.60.

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

Failure to avoid sub-$42.40 levels could see Litecoin hit reverse.

A fall back through the morning low $42.23 would bring the first major support level at $41.70 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $41.10.

Looking at the Technical Indicators

Major Support Level: $41.70

Major Resistance Level: $42.98

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 1.76% on Tuesday. Partially reversing a 3.26% rally from Monday, Stellar’s Lumen ended the day at $0.064880.

It was bearish through most of the day. Stellar’s Lumen fell from an early morning intraday low $0.066385 to a mid-afternoon intraday low $0.063970.

Stellar’s Lumen fell through the first major support level at $0.06447 before finding support late in the day.

The partial recovery saw Stellar’s Lumen briefly revisit $0.065 levels before easing back.

At the time of writing, Stellar’s Lumen was down by 0.55% to $0.064520. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.065225 before falling to a low $0.064520.

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 $0.065 levels to bring the first major resistance level at $0.06619 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.065225.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to move back through to $0.065 levels could see Stellar’s Lumen fall deeper into the red.

A fall through to sub-$0.064 levels would bring the first major support level at $0.06377 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06266.

Looking at the Technical Indicators

Major Support Level: $0.06377

Major Resistance Level: $0.06619

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 0.74% on Tuesday. Partially reversing a 3.83% rally from Monday, Tron’s TRX ended the day at $0.01460.

It was a bearish start to the day. Tron’s TRX fell from an early morning intraday high $0.014709 to a mid-afternoon intraday low $0.014241.

Tron’s TRX fell through the first major support level at $0.01431 before finding support late in the day.

The late recovery saw Tron’s TRX move back through the first major support level to wrap up the day at $0.01460 levels

At the time of writing, Tron’s TRX was down by 0.35% to $0.014549. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.014625 to a low $0.014549.

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-$0.01450 levels to support a run at the first major resistance level at $0.01479.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.014709.

Barring a broad-based crypto rebound, the first major resistance level would likely limit any upside.

Failure to avoid sub-$0.01450 levels could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01450 levels would bring the first major support level at $0.01432 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels. The second major support level at $0.01405 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01432

Major Resistance Level: $0.01479

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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