Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 06/05/20

Litecoin

Litecoin fell by 1.04% on Tuesday. Following on from a 2.26% slide on Monday, Litecoin ended the day at $46.58.

A bullish start to the day saw Litecoin rise to a mid-morning intraday high $47.84 before hitting reverse.

Falling short of the first major resistance level at $48.47, Litecoin fell to a late morning intraday low $45.79.

Avoiding the first major support level at $45.46, Litecoin moved back through to $46.9 levels before easing back.

At the time of writing, Litecoin was down by 0.09% to $46.54. A bearish start to the day saw Litecoin fall from an early morning high $46.65 to a low $46.13.

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

For the day ahead

Litecoin would need to move through to $46.75 levels to support a run the first major resistance level at $47.68.

Support from the broader market would be needed, however, for Litecoin to break back through to $47 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $47.84 would likely limit any upside.

Failure to move through to $46.75 levels could see Litecoin struggle throughout the day.

A fall through the morning low $46.13 would bring the first major support level at $45.63 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $44.69.

Looking at the Technical Indicators

Major Support Level: $45.63

Major Resistance Level: $47.68

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 1.89% on Tuesday. Following on from a 0.40% decline on Monday, Stellar’s Lumen ended the day at $0.072131.

A bullish start to the day Stellar’s Lumen rise to an early morning intraday high $0.074193 before hitting reverse.

Falling short of the first major resistance level at $0.07516, Stellar’s Lumen slid to a late morning intraday low $0.07076.

Steering clear of the first major support level at $0.06913, Stellar’s Lumen recovered to $0.07275 before easing back in the day.

At the time of writing, Stellar’s Lumen was down by 0.35% to $0.071876. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.071219 before striking a high $0.072117.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

Stellar’s Lumen would need to move through to $0.07260 levels to bring the first major resistance level to bring $0.07444 levels into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.073 levels.

Barring a broad-based crypto rebound, the first major resistance level at $0.07444 would likely limit any upside on the day.

Failure to move through to $0.07260 levels could see Stellar’s Lumen fall back into the deep red.

A fall through the morning low $0.071219 would bring the first major support level at $0.07029 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.06845.

Looking at the Technical Indicators

Major Support Level: $0.07029

Major Resistance Level: $0.07444

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 slid by 2.56% on Tuesday. Reversing a 1.16% trend-bucking gain from Monday, Tron’s TRX ended the day at $0.015903.

Bullish through the morning, Tron’s TRX rose to a late morning intraday high $0.016650 before hitting reverse.

Tron’s TRX came up against the first major resistance level at $0.01667 before falling to an early afternoon intraday low $0.015700.

Steering clear of the first major support level at $0.01542, Tron’s TRX briefly revisited $0.01596 levels before a late pullback.

At the time of writing, Tron’s TRX was down by 0.33% to $0.015850. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.015881 to a low $0.015603.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.01610 levels to support a run at the first major resistance level at $0.01647.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.016 levels.

Barring a broad-based crypto rebound, the first major resistance level at $0.01647 would likely limit any upside.

Failure to move through to $0.01610 levels could see Tron’s TRX slide deeper into the red.

A fall through the morning low $0.015603 would bring the first major support level at $0.01552 into play.

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

The second major support level at $0.01513 should limit the downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.01552

Major Resistance Level: $0.01647

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