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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 29/04/20

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·5 min read
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Litecoin

Litecoin rallied by 2.85% on Tuesday. Reversing a 0.25% decline from Monday, Litecoin ended the day at $45.80.

A bearish start to the day saw Litecoin fall to an early morning intraday low $43.50 before making a move.

Steering clear of the first major support level at $43.39, Litecoin rallied to a final hour intraday high $46.22.

Litecoin broke through the first major resistance level at $45.48 to visit $46 levels for the 1st time since 10th April.

At the time of writing, Litecoin was up by 0.59% to $46.07. A mixed start to the day saw Litecoin rise to an early morning high $46.46 before falling to a low $45.65.

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

For the day ahead

Litecoin would need to avoid sub-$46 levels to support a run the first major resistance level at $46.85.

Support from the broader market would be needed, however, for Litecoin to breakout out from the morning high $46.46.

Barring an extended crypto rally, the first major resistance level at $46.85 would likely limit any upside on the day.

Failure to avoid sub-$46 levels could see Litecoin struggle later in the day.

A fall through the morning low to sub-$45.20 levels would bring the first major support level at $44.13 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$45 levels on the day.

Looking at the Technical Indicators

Major Support Level: $44.13

Major Resistance Level: $46.85

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 1.86% on Tuesday. Following on from a 7.86% rally on Monday, Stellar’s Lumen ended the day at $0.068553.

A choppy start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.066187 before striking an early intraday high 0.071217.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.070160.

Through the 2nd half of the day, Stellar’s Lumen eased back to sub-$0.068 levels before finding late support.

At the time of writing, Stellar’s Lumen was up by 0.20% to $0.068688. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.069116 before falling to a low $0.068109.

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 $0.069 levels to support a run at the first major resistance level at $0.071120.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from the morning high $0.069116.

Barring an extended crypto rally, resistance at $0.070 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.069 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.06860 levels would bring the first major support level at $0.06609 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.067 levels.

Looking at the Technical Indicators

Major Support Level: $0.06609

Major Resistance Level: $0.07112

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 5.78% on Tuesday. Following on from a 1.39% gain on Monday, Tron’s TRX ended the day at $0.015308.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.014318 before making a move.

Steering clear of the first major support level at $0.014260, Tron’s TRX rallied to a mid-day intraday high $0.015602.

Tron’s TRX broke through the day’s major resistance levels before sliding back to sub-$0.015 levels.

Falling back through the third major resistance level at $0.01529, Tron’s TRX found support at the second major resistance level at $0.01486.

A late rally saw Tron’s TRX break back through the third major resistance level to wrap up the day at $0.015 levels.

At the time of writing, Tron’s TRX was down by 1.36% to $0.015100. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.015278 before falling to a low $0.015075.

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 $0.01520 levels to support a run at the first major resistance level at $0.01583.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Tuesday’s high $0.015602.

Barring a late morning recovery, the first major resistance level at $0.01584 would likely limit any upside.

Failure to move back through to $0.01520 levels could see Tron’s TRX fall deeper into the red.

A fall back through the morning low $0.015075 would bring the first major support level at $0.01455 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.014 levels.

Looking at the Technical Indicators

Major Support Level: $0.01455

Major Resistance Level: $0.01583

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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