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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 21/01/20

Bob Mason

Litecoin

Litecoin fell by 0.76% on Monday. Following on from a 2.82% slide on Sunday, Litecoin ended the day at $57.10.

A bearish start to the day saw Litecoin fall to an early afternoon intraday low $55.71 before finding support.

Steering clear of the first major support level at $54.43, Litecoin struck a late afternoon intraday high $58.19.

Falling well short of the first major resistance level at $61.60, Litecoin eased back to $57 levels and into the red.

At the time of writing, Litecoin was up by 0.30% to $57.27. A mixed start to the day saw Litecoin fall to an early morning low $56.86 before striking a high $57.32.

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

For the day ahead

Litecoin would need to steer clear of sub-$57.00 levels to support a run at the first major resistance level at $58.29.

Support from the broader market would be needed for Litecoin to move back through $58 levels.

Barring a broad-based crypto rally, however, the first major resistance level and Monday’s high $58.19 would likely limit any upside.

Failure to steer clear of sub-$57.00 levels would likely see Litecoin spend the day in the red.

A fall back through to $56.50 levels would bring the first major support level at $55.81 into play.

Barring a crypto meltdown, however, Litecoin should steer clear of sub-$55 levels on the day.

Looking at the Technical Indicators

Major Support Level: $55.81

Major Resistance Level: $58.29

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 4.19% on Monday. Reversing a 1.87% fall from Sunday, Stellar’s Lumen to end the day at $0.062675.

A relatively bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.059469.

Steering clear of the first major support level at $0.05687, Stellar’s Lumen rallied to a late morning intraday high $0.064878.

Stellar’s Lumen came up against the first major resistance level at $0.06472 before easing back to $0.061 levels.

In the mid-afternoon, Stellar’s Lumen tested the first major resistance level for a 2nd time with a high $0.064777 before easing back.

At the time of writing, Stellar’s Lumen was up by 0.43% to $0.062945. A mixed start to the day saw Stellar’s Lumen fall to an early morning low $0.062030 before rising to a high $0.062945.

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

For the day ahead

Stellar’s Lumen would need to move through to $0.063 levels to support a run at the first major resistance level at $0.06521.

Support from the broader market would be needed for Stellar’s Lumen to break out from the Monday’s high $0.064878.

Barring a broad-based crypto rally, however, Stellar’s Lumen would likely come up short of $0.065 levels on the day.

Failure to move back through to sub-$0.063 levels could see Stellar’s Lumen struggle throughout the day.

A fall back through to sub-$0.06230 would bring the first major support level at $0.05980 into play.

Barring a broad-based crypto sell-off, however, Stellar’s Lumen should steer well clear of sub-$0.0600 levels.

Looking at the Technical Indicators

Major Support Level: $0.05980

Major Resistance Level: $0.06521

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 ended the day flat on Monday. Following a 5.93% slide from Sunday, Tron’s TRX ended the day at $0.016649.

A mixed start to the day saw Tron’s TRX rise to an early morning intraday high $0.016745 before hitting reverse.

Falling short of the first major resistance level at $0.01781, Tron’s TRX slid to an early afternoon intraday low $0.016195.

Steering clear of the first major support level at $0.01569, Tron’s TRX recovered to $0.01670 levels before easing back.

At the time of writing, Tron’s TRX was down by 0.41% to $0.016580. A bearish start to the day saw Tron’s TRX fall from an end of Monday $0.016649 to a low $0.016580.

Tron’s TRX left the major support and resistance levels untested early on.

For the Day Ahead

Tron’s TRX would need to steer clear of sub-$0.01650 levels to support a run at the first major resistance level at $0.016860.

Support from the broader market would be needed, however, for Tron’s TRX to break out from Monday’s high $0.016754.

Barring a broad-based crypto rally, Monday’s high and first major resistance level would likely cap any upside.

Failure to steer clear of sub-$0.01650 levels could see Tron’s TRX fall deeper into the red.

A fall back through to $0.01640 levels would bring the first major support level at $0.01631 into play

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.016 levels and the second major support level at $0.01598.

Looking at the Technical Indicators

Major Support Level: $0.01631

Major Resistance Level: $0.01686

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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