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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 12/02/20

Bob Mason

Litecoin

Litecoin rallied by 3.80% on Tuesday. Partially reversing a 4.03% slide from Monday, Litecoin ended the day at $76.81.

A relatively bearish start to the day saw Litecoin fall to an early morning intraday low $72.46 before making a move.

Steering clear of the first major support level at $71.82, Litecoin rallied to a late afternoon intraday high $77.55.

While breaking through the first major resistance level at $76.82, Litecoin came up short of the 38.2% FIB of $78.00.

A pullback to sub-$77 levels late on limited the upside on the day.

At the time of writing, Litecoin was up by 1.39% to $77.88. A bullish start to the day saw Litecoin rally from an early morning low $76.62 to a high $78.68.

While steering clear of the major support levels, Litecoin broke through major resistance levels and the 38.2% FIB of $78 early on.

Easing back to sub-$78 levels, Litecoin fell back through the 38.2% FIB and the third major resistance level at $78.54.

For the day ahead

Litecoin would need to move back through the 38.2% FIB of $78 to support another run at the third major resistance level at $78.54.

Support from the broader market would be needed, however, for Litecoin to breakout from 38.2% FIB.

Barring an extended crypto rally through the day, the third major resistance level at $78.54 would likely limit any upside.

In the event of another crypto breakout, Litecoin could visit $80 levels before any pullback.

Failure to break back through to $78 levels could see Litecoin hit reverse.

A fall back through to sub-$77 levels would bring the first major support level at $76.56 into play.

Barring an extended crypto sell-off, however, Litecoin should steer clear of sub-$76 levels on the day. The second major support level at $76.32 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $76.56

Major Resistance Level: $77.30

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen rallied by 4.94% on Tuesday. Reversing a 3.22% slide from Monday, Stellar’s Lumen ended the day at $0.073920.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.068978 before making a move.

Steering clear of the first major support level at $0.068280, Stellar’s Lumen rallied to a late intraday high $0.074851.

Stellar’s Lumen broke through the first major resistance level at $0.07330 before falling back to sub-$0.074 levels.

In spite of the pullback, Stellar’s Lumen held above the first major resistance level at $0.07330 until the day end.

At the time of writing, Stellar’s Lumen was up by 3.49% to $0.076500. A bullish start to the day saw Stellar’s Lumen rally from an early morning low $0.073866 to a high $0.076500.

Steering clear of the support levels, Stellar’s Lumen broke through the first major resistance level at $0.0761900.

For the day ahead

Stellar’s Lumen would need to move through to $0.07700 levels to support a run at the second major resistance level at $0.078460.

Support from the broader market would be needed, however, for Stellar’s Lumen to avoid a pullback through the first major resistance level.

Barring a broad-based crypto rebound, the resistance at $0.078 would likely limit any upside on the day.

Failure to move through to $0.0770 levels could see Stellar’s Lumen give up the early gains.

A fall back through the morning low $0.073866 to sub-$0.07260 levels would bring the first major support level at $0.07032 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer clear of sub-$0.073 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.07032

Major Resistance Level: $0.07619

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 rallied by 3.16% on Tuesday. Following on from a 0.56% gain on Monday, Tron’s TRX ended the day at $0.022777.

A bearish start to the day saw Tron’s TRX fall to an early morning intraday low $0.021458 before finding support.

Steering clear of the first major support level at $0.02119, Tron’s TRX rallied to a late afternoon intraday high $0.022933.

Tron’s TRX broke through the first major resistance level at $0.02279 before easing back. The pullback saw Tron’s TRX fall back through the first major resistance level to wrap up the day at $0.2277 levels.

At the time of writing, Tron’s TRX was up by 1.63% to $0.023149. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.022825 to a high $0.023237.

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 the morning high $0.23237 to support a run at the first major resistance level at $0.02386.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.2350 levels.

Barring an extended crypto rally, the first major resistance at $0.023237 would likely limit any upside on the day.

Failure to move back through the morning high $0.23237 could see Tron’s TRX struggle later in the day.

A fall back through the morning high $0.22825 to sub-$0.02240 levels would bring the first major support level at $0.02185 into play.

Barring a crypto meltdown, however, Tron’s TRX should steer clear of sub-$0.022 levels, however.

Looking at the Technical Indicators

Major Support Level: $0.02185

Major Resistance Level: $0.02332

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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