For the day ahead
Stellar’s Lumen would need to move through the $0.4708 pivot and the 38.2% FIB of $0.5035 to bring the first major resistance level at $0.6416 into play.
Support from the broader market would be need, however, for Stellar’s Lumen to break out from the 23.6% FIB of $0.6160.
Barring an extended rally, the 38.2% FIB of $0.5035 would likely leave Stellar’s Lumen short the first major resistance level.
In the event of a broad-based crypto rebound, the first major resistance level at $0.6416 would likely cap any upside, however. The second major resistance level sits at $0.8267.
Failure to move through the $0.4708 pivot would bring the 62% FIB of $0.3216 and the first major support level at $0.2857 into play.
Barring another extended sell-off on the day, Stellar’s Lumen should steer clear of sub-$0.30 levels. The second major support level sits at $0.1149.
A sustained fall through the 62% FIB would form a near-term bearish trend from 16th May’s swing hi $0.7978.
Looking at the Technical Indicators
First Major Support Level: $0.2857
First Major Resistance Level: $0.6416
23.6% FIB Retracement Level: $0.6160
38% FIB Retracement Level: $0.5035
62% FIB Retracement Level: $0.3216
Tron’s TRX slid by 32.26% on Wednesday. Reversing a 3.28% gain from Tuesday, Tron’s TRX ended the day at $0.07899.
Tracking the broader market, Tron’s TRX rose to an early morning intraday high $0.1183 before hitting reverse.
While falling short of the first major resistance level at $0.1207, Tron’s TRX broke through the 38.2% FIB of $0.1167.
The reversal, however, saw Tron’s TRX tumble through the day’s major support levels to a mid-day intraday low $0.0652.
Tron’s TRX also fell through the 38.2% FIB and, more significantly, the 62% FIB of $0.0748 before finding support.
Through the afternoon, Tron’s TRX broke back through the 62% FIB to revisit $0.089 levels before ending day at sub-$0.080 levels.
At the time of writing, Tron’s TRX was down by 4.95% to $0.07508. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.08176 before falling to a low $0.07350.
While leaving the major support and resistance levels untested, Tron’s TRX tested support at the 62% FIB of $0.07480 early on.