Australia Markets close in 3 hrs 33 mins

Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 07/01/20

Bob Mason

Litecoin

Litecoin rallied by 5.80% on Monday. Following on from a 1.36% gain on Sunday, Litecoin ended the day at $45.79.

A bullish start to the day saw Litecoin rally from an early morning intraday low $43.12 to late morning high $45.25.

Steering clear of the major support levels, Litecoin broke through the first major resistance level at $44.33.

Coming against the second major resistance level at $45.37, Litecoin fell back to sub-$44 levels before striking a late intraday high $46.18.

Litecoin broke through the first major resistance level and the second major resistance level at $45.37.

While unable to hold onto $46 levels, Litecoin avoided a pullback through the second major resistance level late on.

At the time of writing, Litecoin was up by 0.02% to $45.80. A bullish start to the day saw Litecoin raise from an early morning low $45.25 to a high $46.21.

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

For the day ahead

Litecoin would need to move back through to $46 levels to support a run at the first major resistance level at $46.94.

Litecoin would need the support of the broader market to break out from the morning high $46.21 and Monday’s high $46.18.

Barring a crypto rebound, however, the first major resistance level and Sunday’s high $44.51 would likely cap any upside.

Failure to move back through $46 levels could see Litecoin fall back into the red.

A fall back through the morning low to sub-$45 levels would bring the first major support level at $43.88 into play.

Barring an extended sell-off, however, Litecoin should steer clear of sub-$42 levels. The second major support level at $41.97 should limit any downside.

Looking at the Technical Indicators

Major Support Level: $43.88

Major Resistance Level: $46.94

23.6% FIB Retracement Level: $62

38.2% FIB Retracement Level: $78

62% FIB Retracement Level: $104

Stellar’s Lumen

Stellar’s Lumen surged by 10.88% on Monday. Following a 0.31% loss on Sunday, Stellar’s Lumen ended the day at $0.050363.

Bullish through the day, Stellar’s Lumen rallied from an early morning intraday low $0.045378 to a late intraday high $0.050363.

Steering clear of the major support levels, Stellar’s Lumen broke through the major resistance levels. Holding onto $0.050 levels was key.

At the time of writing, Stellar’s Lumen was down by 0.10% to $0.050315. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.050118 to a high $0.051104.

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 $0.05110 levels to support a run at the first major resistance level at $0.05202.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.051104.

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 $0.05110 levels could see Stellar’s Lumen struggle throughout the day.

A fall through the morning low to sub-$0.049 levels would bring the first major support level at $0.047040 into play.

Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of Monday’s low $0.045378.

Looking at the Technical Indicators

Major Support Level: $0.047040

Major Resistance Level: $0.052020

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 7.36% on Monday. Following a 0.11% fall on Sunday, Tron’s TRX ended the day at $0.014519.

Tracking the broader market, rallied from an early morning intraday low $0.013524 to a late intraday high $0.014522.

Steering clear of the major support levels, Tron’s TRX broke through the first major resistance level at $0.01382 and the second major resistance level at $0.01412.

The third major resistance level at $0.01457 capped the upside on the day.

At the time of writing, Tron’s TRX was up by 1.23% to $0.014698. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.014513 to a high $0.014748.

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

For the Day Ahead

Tron’s TRX would need to move through to $0.01470 levels to support a run at the first major resistance level at $0.01485.

Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014748.

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 $0.01470 levels could see Tron’s TRX slide into the red.

A fall back through the morning low $0.014513 to sub-$0.01420 levels would bring the first major support level at $0.013850 into play.

Barring an extended sell-off, however, Tron’s TRX should steer clear of sub-$0.014 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.01385

Major Resistance Level: $0.01485

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

More From FXEMPIRE: