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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 31/03/20

Bob Mason
·5 min read

Litecoin

Litecoin rallied by 5.09% on Monday. Reversing a 4.68% slide from Sunday, Litecoin ended the day at $38.99.

It was a bullish start to the week. Litecoin rallied from an early morning intraday low $37.10 to a late intraday high $39.79.

Litecoin broke through the first major resistance level at $38.53 to revisit $39 levels before a late pullback.

The second major resistance level at $39.95 limited the upside on the day.

At the time of writing, Litecoin was down by 0.8% to $38.68. A mixed start to the day saw Litecoin rise to an early morning high $39.41 before falling to a low $38.38.

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 31/03/20 Daily Chart" class="link rapid-noclick-resp">LTC/USD 31/03/20 Daily Chart</a>
LTC/USD 31/03/20 Daily Chart

For the day ahead

Litecoin would need to move back through to $39 levels to support another run the first major resistance level at $40.15.

Support from the broader market would be needed, however, for Litecoin to break out from Monday’s high $39.79.

Barring an extended crypto rally, the first major resistance at $40.15 would likely limit any upside on the day.

Failure to move back through to $39 levels could see Litecoin fall deeper into the red.

A fall back through to sub-$38.60 levels would bring the first major support level at $37.46 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of the second major support level at $35.94.

Looking at the Technical Indicators

Major Support Level: $37.46

Major Resistance Level: $40.15

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 6.03% on Monday. Reversing a 5.62% slide from Sunday, Stellar’s Lumen ended the day at $0.040118.

Tracking the broader market, Stellar’s Lumen rallied from an early morning intraday low $0.037837 to a late intraday high $0.041070.

Stellar’s Lumen broke through the first major resistance level at $0.03947 to come up against the second major resistance level at $0.04113.

In spite of a late pullback, Stellar’s Lumen avoided a return to sub-$0.040 levels.

At the time of writing, Stellar’s Lumen was up by 0.71% to $0.040404. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.040148 to a high $0.040622.

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 $0.040622 to support a run at the first major resistance level at $0.04151.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Monday’s high $0.041070.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

Failure to move back through the morning high $0.040622 could see Stellar’s Lumen hit reverse.

A fall back through to sub-$0.040 levels would bring the first major support level at $0.03828 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of the second major support level at $0.03644.

Looking at the Technical Indicators

Major Support Level: $0.03828

Major Resistance Level: $0.04151

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 7.55% on Monday. Reversing a 6.08% slide from Sunday, Tron’s TRX ended the day at $0.011508.

Bullish throughout the day, Tron’s TRX rallied from an early morning intraday low $0.010672 to a late intraday high $0.011861.

Tron’s TRX broke through the first major resistance level at $0.01118 and the second major resistance level at $0.01164.

Falling short of $0.012 levels, Tron’s TRX fell back through the second major resistance level late in the day.

At the time of writing, Tron’s TRX was down by 0.81% to $0.011415. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.011669 before falling to a low $0.011415.

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 the morning high $0.011669 to bring the first major resistance level at $0.01202 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.011861.

Barring an extended crypto rally, the first major resistance at $0.01202 would likely cap any upside.

Failure to move back through the morning high $0.011669 could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01135 levels would bring the first major support level at $0.01083 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01016.

Looking at the Technical Indicators

Major Support Level: $0.01083

Major Resistance Level: $0.01202

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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