Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 02/01/20

Litecoin

Litecoin rose by 0.97% on Wednesday. Partially reversing a 2.56% slide from Tuesday, Litecoin ended the day at $41.49.

A bullish start to the day saw Litecoin rise from an early intraday low $40.99 to a late afternoon intraday high $41.97.

Steering clear of the major support levels, Litecoin also fell short of the major resistance levels before easing back.

At the time of writing, Litecoin was down by 0.17% to $41.42. A mixed start to the day saw Litecoin rise from an early morning low $41.37 to a high $41.56 before easing back.

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

For the day ahead

Litecoin would need to move back through to $41.50 levels to support a run at the first major resistance level at $41.98.

Litecoin would need the support of the broader market to break back through the morning high $41.56.

Barring a crypto rebound, however, the first major resistance level and Wednesday’s high $41.97 would likely cap any upside.

Failure to move through the $41.50 could see Litecoin fall deeper into the red.

A fall back through to sub-$41.30 levels would bring the first major support level at $41.00 into play.

Barring an extended sell-off, however, Litecoin should steer clear the second major support level at $40.50.

Looking at the Technical Indicators

Major Support Level: $41.00

Major Resistance Level: $41.98

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 0.64% on Wednesday. Partially reversing a 0.94% fall from Tuesday, Stellar’s Lumen ended the day at $0.045428.

A choppy start to the day saw Stellar’s Lumen rise to a morning high $0.045418 before hitting reverse.

Falling short of the major resistance levels, Stellar’s Lumen fell to a late morning intraday low $0.044903.

Steering clear of the first major support level at $0.04463, Stellar’s Lumen rallied to a late afternoon intraday high $0.045724.

Coming up against the first major resistance level at $0.04577, Stellar’s Lumen eased back to close out at $0.0454 levels.

At the time of writing, Stellar’s Lumen was down by 0.11% to $0.045379. A relatively bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.045428 to a low $0.045379.

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

For the day ahead

Stellar’s Lumen would need to move back through to $0.04540 levels to support a run at the first major resistance level at $0.04580.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.045418.

Barring a broad-based crypto rally, the first major resistance level would likely leave Stellar’s Lumen short of $0.046 levels for a 3^rd consecutive day.

Failure to move back through to $0.04540 levels could see Stellar’s Lumen struggle throughout the day.

A fall through to sub-$0.04520 levels would bring the first major support level at $0.04498 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear the second major support level at $0.04453.

Looking at the Technical Indicators

Major Support Level: $0.04498

Major Resistance Level: $0.04580

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 0.60% on Wednesday. Reversing a 0.46% gain from Tuesday, Tron’s TRX ended the day at $0.013295.

A mixed start to the day saw Tron’s TRX strike an early morning intraday high $0.013410 before hitting reverse.

Falling short of the first major resistance level at $0.01351, Tron’s TRX slid back to sub-$0.01330 levels.

Finding support in the early afternoon, Tron’s TRX recovered to $0.01340 levels before sliding to a late intraday low $0.013220.

In spite of the pullback, Tron’s TRX held above the first major support level at $0.01315 through to the day end.

At the time of writing, Tron’s TRX was down by 0.50% to $0.013229. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.013257 to a low $0.013205.

Steering clear of the major resistance levels, Tron’s TRX fell through the first major support level at $0.013230 early on.

For the Day Ahead

Tron’s TRX would need to move through to $0.013320 levels to support a run at the first major resistance level at $0.01338.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the first major support level at $0.013230.

Barring an extended crypto rally, the first major resistance level would likely pin Tron’s TRX back on the day.

Failure to move back through to $0.013320 levels could see Tron’s TRX slide deeper into the red.

A fall back through the morning low $0.013205 would bring the second major support level at $0.01317 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of the third major support level at $0.01302.

Looking at the Technical Indicators

Major Support Level: $0.01323

Major Resistance Level: $0.01338

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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