Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 09/01/20
Litecoin
Litecoin slid by 2.33% on Wednesday. Reversing a 1.2% gain from Tuesday, Litecoin ended the day at $45.28.
A bullish start to the day saw Litecoin strike an early morning intraday high $48.59.
Litecoin broke through the first major resistance level at $47.34 and second major resistance level at $48.32 before hitting reverse.
The reversal saw Litecoin slide to a late afternoon intraday low $44.08. Litecoin fell through the first major support level at $44.93 before steadying.
A move back through to $45 levels limited the downside on the day.
At the time of writing, Litecoin was up by 0.44% to $45.48. A mixed start to the day saw Litecoin fall to an early morning low $44.86 before striking a high $45.75.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move through to $46 levels to support a run at the first major resistance level at $47.89.
Litecoin would need the support of the broader market to break back through to $47 levels.
Barring an extended crypto rally, however, Litecoin would likely come up short of Wednesday’s high $48.60.
Failure to move through to $46 levels could see Litecoin cough up the early gains.
A fall back through the morning low $44.86 would bring the first major support level at $43.37 into play.
Barring a crypto sell-off, however, Litecoin should steer clear of sub-$43 levels and the second major support level at $41.47.
Looking at the Technical Indicators
Major Support Level: $43.37
Major Resistance Level: $47.89
23.6% FIB Retracement Level: $62
38.2% FIB Retracement Level: $78
62% FIB Retracement Level: $104
Stellar’s Lumen
Stellar’s Lumen fell by 2.51% on Wednesday. Following on from a 3.93% slide from Tuesday, Stellar’s Lumen ended the day at $0.047318.
A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.048225 before striking a mid-morning intraday high $0.049368.
Steering clear of the first major support level at $0.04694, Stellar’s Lumen also fell short of the first major resistance level at $0.050553.
Bearish through the 2nd half of the day, Stellar’s Lumen slid to a late afternoon intraday low $0.046902.
Stellar’s Lumen fell through the first major support level at $0.046940 before moving back through to $0.047 levels.
At the time of writing, Stellar’s Lumen was up by 1.31% to $0.047936. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.047313 to a high $0.047936.
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 $0.04800 levels to support a run at the first major resistance level at $0.04882.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.047936.
Barring a broad-based crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move back through to $0.04800 levels could see Stellar’s Lumen struggle throughout the day.
A fall through the morning low $0.0473130 would bring the first major support level at $0.046360 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.04600 levels.
Looking at the Technical Indicators
Major Support Level: $0.04636
Major Resistance Level: $0.04882
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 2.84% on Wednesday. Following on from a 3% slide from Tuesday, Tron’s TRX ended the day at $0.013991.
A relatively bullish start to the day saw Tron’s TRX rise to an early morning intraday high $0.014595.
Falling short of the first major resistance level at $0.01466, Tron’s TRX slid to a late afternoon intraday low $0.013779.
The sell-off saw Tron’s TRX fall through the first major support level at $0.01399 before finding support.
A recovery to $0.014 levels was brief, however, with Tron’s TRX wrapping up the day at sub-$0.014 levels.
The first major support level at $0.01399 limited the downside on the day.
At the time of writing, Tron’s TRX was up by 0.34% to $0.014038. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.013995 to a high $0.014038.
Tron’s TRX left the major support and resistance levels untested early on.
For the Day Ahead
Tron’s TRX would need to move back through to $0.01415 levels to support a run at the first major resistance level at $0.01446.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014038.
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 $0.01415 levels could see Tron’s TRX slide into the red.
A fall back through the morning low $0.013995 would bring the first major support level at $0.013650 into play.
Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.013 levels on the day.
The second major support level at $0.01331 should limit any downside in the event of an extended sell-off.
Looking at the Technical Indicators
Major Support Level: $0.01365
Major Resistance Level: $0.01446
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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