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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 30/04/20

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Bob Mason
·5 min read
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Litecoin

Litecoin rallied by 6.68% on Wednesday. Following on from a 2.85% gain on Tuesday, Litecoin ended the day at $48.85.

A mixed start to the day saw Litecoin fall to an early morning intraday low $45.65 before making a move.

Steering clear of the first major support level at $44.13, Litecoin rallied to a late afternoon intraday high $50.19.

Litecoin broke through the first major resistance level at $46.85 and the second major resistance level at $47.89.

A brief pullback saw Litecoin fall back through the second major resistance level before rebounding to $48 levels.

At the time of writing, Litecoin was up by 3.36% to $50.49. A bullish start to the day saw Litecoin rise from an early morning low $48.63 to a high $50.50.

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

For the day ahead

Litecoin would need to avoid sub-$49 levels to support another run at the first major resistance level at $50.81.

Support from the broader market would be needed, however, for Litecoin to breakout out from the morning high $50.50.

Barring an extended crypto rally, the first major resistance level at $50.81 would likely limit any upside on the day.

Failure to avoid sub-$49 levels could see Litecoin struggle later in the day.

A fall through the morning low to sub-$48.20 levels would bring the first major support level at $46.27 into play.

Barring a broad-based crypto sell-off, however, Litecoin should steer clear of sub-$49 levels on the day.

Looking at the Technical Indicators

Major Support Level: $46.27

Major Resistance Level: $50.81

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 5.04% on Wednesday. Following on from a 1.86% gain on Tuesday, Stellar’s Lumen ended the day at $0.071999.

A mixed start to the day saw fall to an early morning intraday low $0.068109 before striking a late intraday high 0.072823.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.071120.

A late pullback saw Stellar’s Lumen ease back to $0.07125 levels before bouncing back.

At the time of writing, Stellar’s Lumen was up by 0.70% to $0.072504. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.071586 to a high $0.074387.

Stellar’s Lumen broke through the first major resistance level at $0.073850 early on.

For the day ahead

Stellar’s Lumen would need to break back through the first major resistance level to bring $0.075 levels into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from the morning high $0.074387

Barring an extended crypto rally, resistance at $0.075 would likely leave Stellar’s Lumen short of the second major resistance level $0.07569

Failure to break back through the first major resistance level could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.07100 levels would bring the first major support level at $0.06913 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.06913

Major Resistance Level: $0.07385

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 5.43% on Wednesday. Following on from a 5.78% gain on Tuesday, Tron’s TRX ended the day at $0.01610.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.015075 before making a move.

Steering clear of the first major support level at $0.01455, Tron’s TRX rallied to a late afternoon intraday high $0.016499.

Tron’s TRX broke through the first major resistance level at $0.01583 and the second major resistance level at $0.01636.

A brief pullback to sub-$0.01590 levels saw Tron’s TRX fall back through the second major resistance level.

Finding late support, however, Tron’s TRX bounced back to wrap up the day at $0.01610 levels.

In spite of the rebound, Tron’s TRX failed to break back through the second major resistance level at $0.01636.

At the time of writing, Tron’s TRX was up by 1.60% to $0.016463. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.016146 to a high $0.016669.

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-$0.016 levels to support a run at the first major resistance level at $0.01671.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.016669.

Barring a late morning recovery, the first major resistance level at $0.01671 would likely limit any upside.

Failure to avoid sub-$0.016 levels could see Tron’s TRX hit reverse.

A fall back through the morning low to sub-$0.01590 levels would bring the first major support level at $0.01528 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-$0.015 levels.

Looking at the Technical Indicators

Major Support Level: $0.01528

Major Resistance Level: $0.01671

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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