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

Litecoin

Litecoin slid by 4.39% on Sunday. Reversing a 4.59% gain from Saturday, Litecoin ended the week up by 0.67% to $42.28.

A bearish start to the day saw Litecoin slide from an early morning intraday high $44.39 to an early afternoon intraday low $41.56.

Litecoin fell through the first major support level at $42.68 before finding late support.

Through the late afternoon, Litecoin recovered to $43 levels before sliding back through the first major support level.

At the time of writing, Litecoin was up by 2.11% to $43.17. A mixed start to the day saw Litecoin Fall to an early morning low $42.08 before striking a high $43.33.

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

For the day ahead

Litecoin would need to move through to $43.50 levels to support a run the first major resistance level at $43.93.

Support from the broader market would be needed, however, for Litecoin to breakout out from the morning high $43.33.

Barring an extended crypto rally, the first major resistance level at $43.93 would likely limit any upside.

Failure to move through to $43.50 levels could see Litecoin struggle later in the day.

A fall through to sub-$42.70 levels would bring the first major support level at $41.10 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of the second major support level at $39.91.

Looking at the Technical Indicators

Major Support Level: $41.10

Major Resistance Level: $43.93

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 3.28% on Sunday. Reversing a 2.69% gain from Saturday, Stellar’s Lumen end the week up by 0.73% to $0.049019.

A bearish start to the day saw Stellar’s Lumen slide from an early morning intraday high $0.050679 to a mid-afternoon intraday low $0.048655.

Stellar’s Lumen fell through the first major support level at $0.04944 before finding support.

The partial recovery saw Stellar’s Lumen come up against the first major support level before easing back.

At the time of writing, Stellar’s Lumen was up by 2.53% to $0.050258. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.049012 before striking a high $0.050258.

Steering clear of the major support levels, Stellar’s Lumen came up against the first major resistance level at $0.05025.

For the day ahead

Stellar’s Lumen would need to hold above the first major resistance level to support a run at the second major resistance level at $0.05148.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from the Sunday’s high $0.050679.

Barring an extended crypto rally, resistance at $0.051 would likely leave Stellar’s Lumen short of the second major resistance level.

Failure to hold above the first major resistance level could see Stellar’s Lumen hit reverse.

A fall back through the first major resistance level to sub-$0.04950 levels would bring the first major support level at $0.04822 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.048 support levels.

Looking at the Technical Indicators

Major Support Level: $0.04822

Major Resistance Level: $0.05025

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 fell by 3.42% on Sunday. Reversing a 3.49% gain from Saturday, Tron’s TRX ended the week up 2.59% to $0.012976.

A bearish start to the day saw Tron’s TRX slide from an early morning intraday high $0.013435 to an early afternoon intraday low $0.012822.

Steering clear of the major resistance levels, Tron’s TRX slid through the first major support level at $0.01303.

Finding support late on, Tron’s TRX recovered to $0.01310 levels before falling back through the first major support level.

At the time of writing, Tron’s TRX was up by 1.55% to $0.013177. A mixed start to the day saw Tron’s TRX fall to an early morning low $0.012890 before striking a high $0.013180.

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

For the Day Ahead

Tron’s TRX would need to avoid sub-$0.013 levels to support a run at the first major resistance level at $0.01333.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.013180.

Barring a crypto rally, the first major resistance level at $0.01333 would likely limit any upside.

Failure to avoid sub-$0.013 levels could see Tron’s TRX see red for a 2nd consecutive day.

A fall back through the morning low $0.012890 would bring the first major support level at $0.01272 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should steer clear of sub-$0.012 levels.

The second major support level at $0.01246 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $0.01272

Major Resistance Level: $0.01333

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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