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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 06/04/20

Bob Mason

Litecoin

Litecoin fell by 1.08% on Sunday. Reversing a 0.89% gain from Saturday, Litecoin ended the week up by 8.84% to $40.38.

A bullish start to the day saw Litecoin rise to an early morning intraday high $41.11 before hitting reverse.

Falling short of the first major resistance level at $41.40, Litecoin slid to a late afternoon intraday low $39.95.

Litecoin fell through the first major support level at $40.12 before recovering to $40.70 levels before easing back.

At the time of writing, Litecoin was up by 0.74% to $40.68. A bullish start to the day saw Litecoin rise from an early morning low $40.37 to a high $40.85.

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

For the day ahead

Litecoin would need to steer clear of sub-$40.50 levels to support another run the first major resistance level at $41.01

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $40.85.

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

Failure to avoid sub-$40.50 levels could see Litecoin hit reverse.

A fall back through the morning low $40.37 would bring the first major support level at $39.85 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$39 support levels. The second major support level at $39.32 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $39.85

Major Resistance Level: $41.01

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 3.81% on Sunday. Following on from a 1.66% gain on Saturday, Stellar’s Lumen ended the week up by 15.37% to $0.043653.

A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.042285 before hitting reverse.

Falling short of the first major resistance level at $0.04270, Stellar’s Lumen fell to an early morning intraday low $0.041646.

Steering clear of the first major support level at $0.04090, Stellar’s Lumen rallied to a late intraday high $0.043689.

Stellar’s Lumen broke through the first major resistance level at $0.04270 and the second major resistance level at $0.04346.

At the time of writing, Stellar’s Lumen was up by 1.77% to $0.0444242. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.043700 to a high $0.044424.

Steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.04416.

For the day ahead

Stellar’s Lumen would need to hold onto $0.044 levels to bring the second major resistance level at $0.04466 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.044450 levels.

Barring an extended crypto rally, the second major resistance level at $0.04466 would likely cap any upside.

Failure to hold onto $0.044 levels could see Stellar’s Lumen struggle later in the day.

A fall back through the morning low to sub-$0.04290 levels would bring the first major support level at $0.04240 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.043 levels.

Looking at the Technical Indicators

Major Support Level: $0.04240

Major Resistance Level: $0.04416

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 4.73% on Sunday. Following on from a 0.64% gain on Saturday, Tron’s TRX ended the week up by 17.90% to $0.012615.

A mixed start to the day saw Tron’s TRX rise to an early morning high $0.012080 before falling to an intraday low $0.011896.

Steering clear of the major support and resistance levels through the morning, Tron’s TRX rallied to a late intraday high $0.012772.

Tron’s TRX broke through the first major resistance level at $0.012260 and the second major resistance level at $0.012490.

A brief pullback to $0.012259 saw Tron’s TRX fall back through the second major resistance level before rebounding to $0.01260 levels.

Tron’s TRX broke back through the second major resistance level, with the first major resistance level limiting the downside late on.

At the time of writing, Tron’s TRX was up by 2.11% to $0.012881. A bullish start to the day saw Tron’s TRX rally from an early morning low $0.012669 to a high $0.012881.

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-$0.01250 levels to support a run at the first major resistance level at $0.01296.

Support from the broader market would be needed, however, for Tron’s TRX to breakthrough to $0.01290 levels.

Barring an extended crypto rally, the first major resistance at $0.01290 would likely cap any upside. In the event of a breakout, the second major resistance level at $0.0133 could come into play.

Failure to avoid sub-$0.1250 levels could see Tron’s TRX slide into the red.

A fall through to sub-$0.01243 levels would bring the first major support level at $0.01208 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of the second major support level at $0.01155

Looking at the Technical Indicators

Major Support Level: $0.01208

Major Resistance Level: $0.01296

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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