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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 09/01/20

Bob Mason

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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