Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 09/04/20

Bob Mason
5 min read
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Litecoin

Litecoin rallied by 4.04% on Wednesday. Reversing a 0.71% decline from Tuesday, Litecoin ended the day at $46.58.

A bullish start to the day saw Litecoin rally from an early morning intraday low $44.27 to a mid-morning intraday high $47.25.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $47.12 before easing back.

Litecoin fell back to $45 levels before finding support through the afternoon to wrap up the day at $46 levels.

At the time of writing, Litecoin was down by 1.85% to $45.72. A mixed start to the day saw Litecoin rise to an early morning high $46.88 before falling to a low $45.41.

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

For the day ahead

Litecoin would need to move back through to $46 levels to support another run the first major resistance level at $47.80.

Support from the broader market would be needed, however, for Litecoin to break out from Wednesday’s high $47.25.

Barring a broad-based crypto rebound, resistance at $47 would likely leave Litecoin short of the first major resistance at $47.80.

Failure to move back through to $46 levels could see Litecoin slide deeper into the red.

A fall back through the morning low $45.41 would bring the first major support level at $44.82 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$44 levels on the day.

Looking at the Technical Indicators

Major Support Level: $44.82

Major Resistance Level: $47.80

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 5.28% on Wednesday. Reversing a 2.73% fall from Tuesday, Stellar’s Lumen ended the day at $0.051157.

A bullish start to the day saw Stellar’s Lumen rally from an early intraday low $0.048354 to an early morning high $0.05055.

Falling short of the first major resistance level at $0.05122, Stellar’s Lumen fell back to $0.048 levels before making a move.

Through the afternoon, Stellar’s Lumen rallied to a final hour intraday high $0.051581. Stellar’s Lumen broke through the first major resistance level at $0.05122 before easing back.

At the time of writing, Stellar’s Lumen was down by 3.09% to $0.049576. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.051300 before falling to a low $0.049576.

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 $0.05050 levels to support a run at the first major resistance level at $0.05238.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Wednesday’s high $0.051581.

Barring a broad-based crypto rebound, resistance at $0.051 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.05050 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.04940 levels would bring the first major support level at $0.04914 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.04713.

Looking at the Technical Indicators

Major Support Level: $0.04914

Major Resistance Level: $0.05238

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 3.55% on Wednesday. Reversing a 3.60% slide from Tuesday, Tron’s TRX ended the day at $0.013729.

A mixed start to the day saw Tron’s TRX slide to an early morning intraday low $0.013039 before finding support.

Steering clear of the first major support level at $0.01293, Tron’s TRX struck a mid-morning intraday high $0.013800.

Coming within range of the first major resistance level at $0.01384, Tron’s TRX slid back to $0.0133 levels before finding support from the broader market.

Off the back of a broad-based crypto rally, Tron’s TRX moved back through to $0.0137 levels to deliver the upside on the day.

At the time of writing, Tron’s TRX was down by 2.09% to $0.013443. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.013824 before falling to a low $0.013443.

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 $0.01350 levels to support a run at the first major resistance level at $0.01401.

Support from the broader market would be needed, however, for Tron’s TRX to breakout from Wednesday’s high $0.01380.

Barring a broad-based crypto rebound, Tron’s TRX will likely come up short of Wednesday’s high and the first major resistance level.

Failure to move back through to $0.01350 levels could see Tron’s TRX spend the day in the red.

A fall through to sub-$0.01340 levels would bring the first major support level at $0.01325 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01276.

Looking at the Technical Indicators

Major Support Level: $0.01325

Major Resistance Level: $0.01401

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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