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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 02/04/20

By:
Bob Mason
Updated: Apr 2, 2020, 07:43 UTC

It's a mixed start to the day for the pack. A sell-off could be on the cards should the majors fail to move back through early highs.

Bitcoin and Litecoin over dollar banknotes.

Litecoin

Litecoin rose by 0.33% on Wednesday. Following on from a 0.41% gain on Tuesday, Litecoin ended the day at $39.33.

A bearish start to the day saw Litecoin slide to a late afternoon intraday low $37.17.

Litecoin fell through the first major support level at $38.55 and the second major support level at $37.95.

Finding support from the broader market, Litecoin rallied to a final hour intraday high $39.50.

While breaking back through the major support levels, the first major resistance level at $39.58 pinned Litecoin back late on.

At the time of writing, Litecoin was up by 0.74% to $39.62. A bullish start to the day saw Litecoin rise from an early morning low $39.12 to a high $39.93 before easing back.

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

LTC/USD 02/04/20 Daily Chart

For the day ahead

Litecoin would need to steer clear of sub-$39 levels to support another run the first major resistance level at $40.16

Support from the broader market would be needed, however, for Litecoin to break out from the morning high $39.93.

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

Failure to avoid sub-$39 levels could see Litecoin slide back into the red.

A fall back through to sub-$38.70 levels would bring the first major support level at $37.83 into play.

Barring a crypto sell-off, however, Litecoin should steer clear of sub-$37 support levels.

Looking at the Technical Indicators

Major Support Level: $37.83

Major Resistance Level: $40.16

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rose by 1.40% on Wednesday. Following on from a 1.90% gain on Tuesday, Stellar’s Lumen ended the day at $0.041073.

Tracking the broader market, Stellar’s Lumen fell to a late afternoon intraday low $0.039138 before finding support.

The sell-off saw Stellar’s Lumen fall through the first major support level at $0.04016 and second major support level at $0.03940.

A late rebound saw Stellar’s Lumen rally to a final hour intraday high $0.041140.

While breaking back through the support levels, Stellar’s Lumen fell short of the first major resistance level at $0.04150.

At the time of writing, Stellar’s Lumen was down by 0.86% to $0.040718. A mixed start to the day saw Stellar’s Lumen rise to an early morning high $0.041474 before falling to a low $0.040718.

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

XLM/USD 02/04/20 Daily Chart

For the day ahead

Stellar’s Lumen would need to move back through the morning high $0.041474 to support a run at the first major resistance level at $0.041760.

Support from the broader market would be needed, however, for Stellar’s Lumen to break through to $0.04150 levels.

Barring a late morning rebound, resistance at $0.04150 would likely leave Stellar’s Lumen short of the first major resistance level.

Failure to move back through to $0.04140 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.04050 levels would bring the first major support level at $0.03976 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.039 support levels.

Looking at the Technical Indicators

Major Support Level: $0.03976

Major Resistance Level: $0.04176

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 0.36% on Wednesday. Following on from a 1.08% gain on Tuesday, Tron’s TRX ended the day at $0.011642.

Bearish through most of the day, Tron’s TRX fell to a late afternoon intraday low $0.011161.

Tron’s TRX slid through the first major support level at $0.01148 and the second major support level at $0.01132.

Finding support late on, Tron’s TRX broke back through the major support levels to strike an intraday high $0.011688.

In spite of the breakout, Tron’s TRX fell short of the first major resistance level at $0.01179 on the day.

At the time of writing, Tron’s TRX was down by 0.05% to $0.011636.  It has been a mixed start to the day. Tron’s TRX rose to an early morning high $0.011783 before falling to a low $0.011590.

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

TRX/USD 02/04/20 Daily Chart

For the Day Ahead

Tron’s TRX would need to move back through to $0.01170 levels to bring the first major resistance level at $0.01183 into play.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.011783.

Barring a broad-based crypto rally, the first major resistance at $0.01183 would likely cap any upside.

Failure to move back through to $0.01170 levels could see Tron’s TRX fall deeper into the red.

A fall through to sub-$0.01150 levels would bring the first major support level at $0.01131 into play.

Barring an extended crypto sell-off, however, Tron’s TRX should continue to steer clear of sub-0.011 levels.

Looking at the Technical Indicators

Major Support Level: $0.01131

Major Resistance Level: $0.01183

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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