Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – July 8th, 2020

Litecoin

Litecoin fell by 1.54% on Tuesday. Partially reversing Monday’s 5.87% rally, Litecoin ended the day at $43.37.

A mixed start to the day saw Litecoin rise to an early morning intraday high $44.46 before hitting reverse.

Falling short of the first major resistance level at $45.03, Litecoin slid to a late intraday low $42.84.

Steering clear of the first major support level at $42.28, Litecoin recovered to $43 levels to limit the downside.

At the time of writing, Litecoin was down by 0.30% to $43.24. A bearish start to the day saw Litecoin fall from an early morning high $43.41 to a low $43.11

Litecoin left the major support and resistance levels untested early in the day.

For the day ahead

Litecoin would need to move through the $43.56 pivot to support a run at the first major resistance level at $44.27.

Support from the broader market would be needed, however, for Litecoin to break back through to $44 levels.

Barring another crypto rally, the first major resistance level and Tuesday’s high $44.46 would likely cap any upside.

Failure to move through the $43.56 pivot would bring the first major support level at $42.65 into play.

Barring an extended crypto sell-off, however, Litecoin should continue to steer clear of sub-$41 levels. The second major support level at $41.94 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $42.65

Major Resistance Level: $44.27

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 2.76% on Tuesday. Following on from a 6.86% rally on Monday, Stellar’s Lumen ended the day at $0.07376.

A mixed start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.070312 before finding support.

Steering clear of the first major support level at $0.06837, Stellar’s Lumen rallied to a late intraday high $0.074290.

Stellar’s Lumen broke through the first major resistance level at $0.07368. In spite of a late pullback, Stellar’s Lumen avoided a fall back through the first major resistance level.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.073861. A bullish start to the day saw Stellar’s Lumen rise from an early morning low $0.073852 to a high $0.073861.

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

For the day ahead

Stellar’s Lumen would need to avoid a fall through the $0.07280 pivot to support a run at the first major resistance level at $0.07526.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from Tuesday’s high $0.074290.

Barring another broad-based crypto rally, the first major resistance level at $0.07526 would likely limit any upside.

Failure to avoid a fall through the $0.07280 pivot could see Stellar’s Lumen struggle throughout the day.

A pullback through to sub-$0.072 levels would bring the first major support level at $0.07128 into play.

Barring an extended crypto sell-off, however, Stellar’s Lumen should steer clear of sub-$0.070 levels. The second major support level sits at $0.06881.

Looking at the Technical Indicators

Major Support Level: $0.07128

Major Resistance Level: $0.07526

23.6% FIB Retracement Level: $0.1051

38% FIB Retracement Level: $0.14336518

62% FIB Retracement Level: $0.2050

Tron’s TRX

Tron’s TRX slid by 4.81% on Tuesday. Reversing most of Monday’s 6.53% rally, Tron’s TRX ended the day at $0.01726.

It was a mixed start to the day. Tron’s TRX rallied to an early morning intraday high $0.018150 before hitting reverse.

Falling short of the first major resistance level at $0.018520, Tron’s TRX slid to a late intraday low $0.017111.

Tron’s TRX fell through the first major resistance level at $0.01732 before finding support. A move back through to $0.01720 levels reduced the deficit on the day.

At the time of writing, Tron’s TRX was down by 1.41% to $0.017018. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017146 to a low $0.016865.

Tron’s TRX tested the first major support level at $0.01686 early on.

For the Day Ahead

Tron’s TRX would need to move through the $0.01750 pivot level to support a run at the first major resistance level at $0.01790.

Support from the broader market would be needed, however, for Tron’s TRX to break out from $0.01750 levels.

Barring an extended crypto rally, the first major resistance level at $0.01790 would likely cap any upside.

Failure to move through the $0.01750 pivot level would bring the first major support level at $0.01686 back into play.

Barring another extended crypto sell-off, Tron’s TRX should steer clear of the second major support level at $0.01647

Looking at the Technical Indicators

Major Support Level: $0.01686

Major Resistance Level: $0.01790

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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