Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 13/05/20

Bob Mason

Litecoin

Litecoin rose by 1.83% on Tuesday. Reversing a 1.38% fall from Monday, Litecoin ended the day at $42.26.

A bullish morning saw Litecoin rally to an early afternoon intraday high $42.87 before hitting reverse.

Falling short of the first major resistance level at $43.33, Litecoin slid to a late intraday low $41.31.

Steering clear of the first major support level at $39.53, Litecoin recovered to $42 levels to wrap up the day in the green.

At the time of writing, Litecoin was up by 0.09% to $42.30. A bullish start to the day saw Litecoin rise from an early morning low $41.99 to a high $42.44.

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

For the day ahead

Litecoin would need to move through to $42.50 levels to support a run at the first major resistance level at $42.98.

Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $42.87.

Barring an extended crypto rally, the first major resistance level, and Tuesday’s high would likely limit any upside.

Failure to move through to $42.50 levels could see Litecoin struggle later in the day.

A fall through to sub-$42.15 levels would bring the first major support level at $41.42 into play.

Barring another extended crypto sell-off, however, Litecoin should steer clear the second major support level at $40.59.

Looking at the Technical Indicators

Major Support Level: $41.42

Major Resistance Level: $42.98

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 12.16% on Tuesday. Reversing a 3.56% slide from Monday, Stellar’s Lumen ended the day at $0.069986.

A bullish day saw Stellar’s Lumen rally from an early intraday low $0.062399 to a late afternoon intraday high $0.070164.

Stellar’s Lumen broke through the first major resistance level at $0.06502 and the second major resistance level at $0.06741.

A late pullback saw Stellar’s Lumen fall to $0.06750 levels before wrapping up the day at $0.069 levels.

The second major resistance level at $0.06741 limited the downside late in the day.

At the time of writing, Stellar’s Lumen was 0.28% to $0.070181. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.070500 before falling to a low $0.069633.

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 $0.07100 levels to bring the first major resistance level at $0.07274 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.070500.

Barring an extended crypto rally, resistance at $0.071 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move through to $0.07100 levels could see Stellar’s Lumen hit reverse.

A fall through to sub-$0.06760 levels would bring the first major support level at $0.06482 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.060 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.064820

Major Resistance Level: $0.072740

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 3.23% on Tuesday. Reversing a 2.02% decline from Monday, Tron’s TRX ended the day at $0.014547.

A mixed start to the day saw Tron’s TRX fall to an early morning intraday low $0.013995 before making a move.

Steering clear of the first major support level at $0.01330, Tron’s TRX rallied to a late morning intraday high $0.014963.

Tron’s TRX broke through the first major resistance level at $0.01457 before sliding back to $0.01420 levels.

Finding late support from the broader market, however, Tron’s TRX moved back through to $0.0144 levels.

At the time of writing, Tron’s TRX was up by 1.63% to $0.014784. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.014593 to a high $0.014784.

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-$0.01450 levels to support a run at the first major resistance level at $0.01501.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the Tuesday’s high $0.014963.

Barring an extended crypto rebound, the first major resistance level and Tuesday’s high $0.014963 would likely limit any upside.

Failure to move through to avoid sub-$0.01450 levels could see Tron’s TRX fall back into the red.

A fall through the morning low to sub-$0.01450 levels would bring the first major support level at $0.01404 into play.

Barring another crypto meltdown, however, Tron’s TRX should steer clear of the second major support level at $0.01353.

Looking at the Technical Indicators

Major Support Level: $0.01404

Major Resistance Level: $0.01501

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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