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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 02/04/20

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·5 min read
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Litecoin

Litecoin rose by 0.33% on Wednesday. Following on from a 0.41% gain on Tuesday, Litecoin ended the day at $39.33.

A bearish start to the day saw Litecoin slide to a late afternoon intraday low $37.17.

Litecoin fell through the first major support level at $38.55 and the second major support level at $37.95.

Finding support from the broader market, Litecoin rallied to a final hour intraday high $39.50.

While breaking back through the major support levels, the first major resistance level at $39.58 pinned Litecoin back late on.

At the time of writing, Litecoin was up by 0.74% to $39.62. A bullish start to the day saw Litecoin rise from an early morning low $39.12 to a high $39.93 before easing back.

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

<a href="https://www.tradingview.com/symbols/LTCUSD/?exchange=COINBASE" rel="nofollow noopener" target="_blank" data-ylk="slk:LTC/USD 02/04/20 Daily Chart" class="link rapid-noclick-resp">LTC/USD 02/04/20 Daily Chart</a>

For the day ahead

Litecoin would need to steer clear of sub-$39 levels to support another run the first major resistance level at $40.16

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $39.93.

Barring an extended crypto rally, the first major resistance would likely pin Litecoin back on the day.

Failure to avoid sub-$39 levels could see Litecoin slide back into the red.

A fall back through to sub-$38.70 levels would bring the first major support level at $37.83 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$37 support levels.

Looking at the Technical Indicators

Major Support Level: $37.83

Major Resistance Level: $40.16

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 1.40% on Wednesday. Following on from a 1.90% gain on Tuesday, Stellar’s Lumen ended the day at $0.041073.

Tracking the broader market, Stellar’s Lumen fell to a late afternoon intraday low $0.039138 before finding support.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.04016 and second major support level at $0.03940.

A late rebound saw Stellar’s Lumen rally to a final hour intraday high $0.041140.

While breaking back through the support levels, Stellar’s Lumen fell short of the first major resistance level at $0.04150.

At the time of writing, Stellar’s Lumen was down by 0.86% to $0.040718. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.041474 before falling to a low $0.040718.

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 the morning high $0.041474 to support a run at the first major resistance level at $0.041760.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.04150 levels.

Barring a late morning rebound, resistance at $0.04150 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.04140 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.04050 levels would bring the first major support level at $0.03976 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.039 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03976

Major Resistance Level: $0.04176

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 0.36% on Wednesday. Following on from a 1.08% gain on Tuesday, Tron’s TRX ended the day at $0.011642.

Bearish through most of the day, Tron’s TRX fell to a late afternoon intraday low $0.011161.

Tron’s TRX slid through the first major support level at $0.01148 and the second major support level at $0.01132.

Finding support late on, Tron’s TRX broke back through the major support levels to strike an intraday high $0.011688.

In spite of the breakout, Tron’s TRX fell short of the first major resistance level at $0.01179 on the day.

At the time of writing, Tron’s TRX was down by 0.05% to $0.011636.  It has been a mixed start to the day. Tron’s TRX rose to an early morning high $0.011783 before falling to a low $0.011590.

Tron’s TRX left the major support and resistance levels untested.

For the Day Ahead

Tron’s TRX would need to move back through to $0.01170 levels to bring the first major resistance level at $0.01183 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.011783.

Barring a broad-based crypto rally, the first major resistance at $0.01183 would likely cap any upside.

Failure to move back through to $0.01170 levels could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01150 levels would bring the first major support level at $0.01131 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-0.011 levels.

Looking at the Technical Indicators

Major Support Level: $0.01131

Major Resistance Level: $0.01183

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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