22 May 2020 8 min read

Litecoin, Stellar's Lumen, and Tron's TRX - Daily Analysis - 20/05/20

Litecoin

Tuesday Litecoin increased by 0.97%. After Monday's 3.73% rally, Litecoin ended the day at $45.76. A bearish start to the day saw Litecoin slide to $44.07 early in the morning before finding support. Clearing the first big level of support at $43.48, Litecoin bounced back to $45.63 late in the morning. Failing to pass the first level of resistance at $47.34, Litecoin dropped to $44.50 before finding support late in the morning. Late in the morning, Litecoin recovered to $45 to end the day on the green. At the time of writing, Litecoin was up 0.28% to $45.89. A mixed start to the day saw Litecoin drop to $45.63 early in the morning before reaching $46.20. Clearing the main levels of support, Litecoin collided with the first major level of resistance at $46.24.

For the future

Litecoin should return to the levels of $46 to bring the first important resistance level back to $46.24. However, Litecoin would need the support of a larger market to move to the second main resistance level at $46.71. With less than an extended crypto rally, the first major resistance level and the morning high would probably limit any advantage. If you can't get back to the $46 levels, Litecoin could hit back. A fall through the morning low to levels below $45.15 would bring the first major support level to $44.68. Unless there is a large encrypted sale, however, Litecoin should stay away from levels below $44.

Technical indicators

Higher level of support: $44.68

Higher resistance level: $46.24

23.6% FIB Retrace Level: $62

38.2% FIB Retrace Level: $78

62% FIB Retrace Level: $104

Stellar’s Lumen

Stellar's Lumen fell 0.64% on Tuesday. Partially reversing a 1.86% gain since Monday, Stellar's Lumen closed the day at $0.069698. A bearish start to the day saw Lumen di Stellar slide from an intraday high of $0.07015 to an intraday low of $0.068734. Stellar's Lumen dropped through the first major support level to $0.06880 before recovering briefly to levels of $0.0699. At the time of writing, Stellar's Lumen rose 0.15% to $0.069806. A mixed start to the day saw the Lumen of Stellar rise to $0.069865 early in the morning, before falling to $0.069806. The Lumen of Stellar soon left the highest levels of support and endurance untested.

For the future

Stellar's Lumen would need to move back through to $0.070 levels to bring the first major resistance level at $0.07032 into play. Support from the broader market would be needed, however, for Stellar's Lumen to break out from Tuesday's high $0.070150. Barring an extended crypto rally, the first major resistance level would likely limit any upside. Failure to move through to $0.070 levels could see Stellar's Lumen fall back into the red. A fall through to sub-$0.06950 levels would bring the first major support level at $0.06890 into play. Barring an extended crypto sell-off, however, Stellar's Lumen should steer clear of sub-$0.068 support levels. The second major support level at $0.06811 should limit any downside on the day.

Technical indicators

Higher level of support: $0.06890

Higher resistance level: $0.07032

23.6% FIB retrace level: $0.1051

38% FIB retrace level: $0.1433

62% FIB retrace level: $0.2050

Tron’s TRX

On Tuesday, Tron's TRX registered a 2.29% increase. After Monday's 2.26% gain, Tron's TRX closed the day at $0.015590. A bearish start to the day saw the Tron TRX slide to an intraday low of $0.015021 early in the morning before making a move. Finding first level support at $0.01505050, Tron's TRX reached a late intraday high of $0.015474. Despite the breakout, Tron's TRX did not reach the first level of major resistance at $0.01562 a day. At the time of writing, Tron's TRX dropped 1.55% to $0.015348. A bearish start to the day saw Tron's TRX drop from a high of $0.015501 early in the morning to a low of $0.015300. Tron's TRX soon left the highest levels of support and endurance untested.

For the future

Tron's TRX is expected to return to the $0.01540 levels to sustain a race at the first major endurance level at $0.01578. Wider market support would be needed, however, for Tron's TRX to break away from Tuesday's $0.01559 high. Unless an extended crypto rebound occurs, the higher first level of resistance would probably limit any advantage. Failure to exceed the $0.01540 levels could see Tron's TRX slide deeper into the red. A fall through the morning low of $0.015300 would bring the first major support level to $0.01521 in play. Unless an extended crypto sale occurs, however, the Tron TRX should move away from the second main support level at $0.01483.

Technical indicators

Higher level of support: $0.01521

Higher resistance level: $0.01578

23.6% FIB retrace level: $0.0322

38.2% FIB retrace level: $0.0452

62% FIB retrace level: $0.0663