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Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 23/01/20

Bob Mason

Litecoin

Litecoin rose by 1.06% on Wednesday. Following on from a 0.65% gain on Tuesday, Litecoin ended the day at $58.10.

A mixed start to the day saw Litecoin fall to an early morning intraday low $57.03 before making a move.

Steering clear of the first major support level at $56.91, Litecoin rallied to a mid-morning intraday high $59.13.

Litecoin broke through the first major resistance level at $58.03 and second major resistance level at $58.56 before easing back.

At the time of writing, Litecoin was down by 2.03% to $56.92. A bearish start to the day saw Litecoin slide from an early morning high $58.20 to a low $56.89.

Steering clear of the major resistance levels, Litecoin fell through the first major support level at $57.04.

For the day ahead

Litecoin would need to break back through the first major support level to $58 levels to bring the first major resistance level at $59.14 into play.

Support from the broader market would be needed, however, for Litecoin to break back through to $59 levels.

Barring a broad-based crypto rally, resistance at $58 would likely limit any upside.

Failure to move through to $58 levels would likely see Litecoin spend the day in the red.

A fall back through the morning low $56.89 would bring the second major support level at $55.99 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: $57.04

Major Resistance Level: $59.14

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen slid by 2.47% on Wednesday. Reversing a 0.32% gain from Tuesday, Stellar’s Lumen end the day at $0.061391.

A relatively bullish start to the day saw Stellar’s Lumen rise to a late morning intraday high $0.063584 before hitting reverse.

Falling short of the first major resistance level at $0.06439, Stellar’s Lumen slid to a late intraday low $0.060850.

Stellar’s Lumen fell through the first major support level at $0.061420 before finding support to move back through to $0.061 levels.

In spite of the late support, Stellar’s Lumen failed to break back through the first major support level at the day end.

At the time of writing, Stellar’s Lumen was down by 1.82% to $0.060273. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.061139 to a low $0.060120.

Steering clear of the major resistance levels, Stellar’s Lumen fell through the first major support level at $0.06030.

For the day ahead

Stellar’s Lumen would need to break back through the first major support level and move through to $0.062 levels to support a run at the first major resistance level at $0.06303.

Support from the broader market would be needed, however, for Stellar’s Lumen to break back through to $0.062 levels.

Barring a broad-based crypto rally, the first major resistance level and Tuesday’s high $0.063584 should limit any upside.

Failure to move back through to sub-$0.062 levels could see Stellar’s Lumen struggle throughout the day.

A fall through to sub-$0.060 levels would bring the second major support level at $0.05921 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of the third major support level at $0.05647.

Looking at the Technical Indicators

Major Support Level: $0.06030

Major Resistance Level: $0.06303

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 0.14% on Wednesday. Following a 4.39% rally on Tuesday, Tron’s TRX ended the day at $0.017414

A bullish start to the day saw Tron’s TRX rise to a mid-morning intraday high $0.01750 before hitting reverse.

Falling short of the first major resistance level at $0.01774, Tron’s TRX fell to an early evening intraday low $0.01705.

Steering clear of the first major support level at $0.01673, Tron’s TRX recovered to $0.0174 levels to limit the loss on the day.

At the time of writing, Tron’s TRX was down by 1.36% to $0.017177. A bearish start to the day saw Tron’s TRX fall from an early morning high $0.017514 to a low $0.017075.

Tron’s TRX fell through the first major support level at $0.01714 early, whilst leaving the major resistance levels untested.

For the Day Ahead

Tron’s TRX would need to move back through the first major support level to $0.01730 levels to support a run at the first major resistance level at $0.01759.

Support from the broader market would be needed, however, for Tron’s TRX to break through to $0.01730 levels.

Barring a broad-based crypto rally, Wednesday’s high $0.01750 and first major resistance level would likely cap any upside.

Failure to move through to $0.01730 levels could see Tron’s TRX slide deeper into the red.

A fall back through the morning low $0.017075 would bring the sub-$0.017 levels into play before any recovery.

Barring a crypto meltdown, however, Tron’s TRX should steer well clear of sub-$0.016 levels. The second major support level at $0.01687 should limit any downside on the day.

Looking at the Technical Indicators

Major Support Level: $0.01714

Major Resistance Level: $0.01759

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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