Yahoo Finance Litecoin, Stellar’s Lumen, and Tron’s TRX – Daily Analysis – 08/01/20
Litecoin
Litecoin rose by 1.2% on Tuesday. Following on from a 5.80% rally from Monday, Litecoin ended the day at $46.36.
A mixed start to the day saw Litecoin strike an early morning high $46.21. Falling short of the major resistance levels, Litecoin slid to an early afternoon intraday low $44.48.
Steering clear of the major support levels, Litecoin rallied to a late afternoon intraday high $46.89.
The first major resistance level at $46.94 limited the upside on the day.
At the time of writing, Litecoin was up by 2.85% to $47.68. A bullish start to the day saw Litecoin rise from an early morning low $46.34 to a high $48.60.
Litecoin broke through the first major resistance level at $47.34 and the second major resistance level at $48.32 early on.
For the day ahead
Litecoin would need to hold above the first major resistance level to support another run at the second major resistance level at $48.32.
Litecoin would need the support of the broader market to break back through to $48 levels.
Barring an extended crypto rally, however, Litecoin would likely come up short of $50 levels on the day.
Failure to hold above the first major resistance level could see Litecoin cough up the early gains.
A fall back through the morning low to sub-$46 would bring the first major support level at $44.93 into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$44 levels and the second major support level at $43.50.
Looking at the Technical Indicators
Major Support Level: $44.93
Major Resistance Level: $47.34
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 3.93% on Tuesday. Partially reversing a 10.88% jump from Monday, Stellar’s Lumen ended the day at $0.048441.
A mixed start to the day saw Stellar’s Lumen rise to an early morning intraday high $0.051104 before hitting reverse.
Falling short of the first major resistance level at $0.052020, Stellar’s Lumen slid to a late afternoon intraday low $0.047514.
Steering clear of the first major support level at $0.04704, Stellar’s Lumen hit $0.049 levels before sliding back.
At the time of writing, Stellar’s Lumen was up by 0.14% to $0.048511. A mixed start to the day saw Stellar’s Lumen rise from an early morning low $0.048225 to a high $0.049090.
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 $0.04900 levels to support a run at the first major resistance level at $0.05053.
Support from the broader market would be needed, however, for Stellar’s Lumen to break out from the morning high $0.049090.
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 $0.04900 levels could see Stellar’s Lumen struggle throughout the day.
A fall through the morning low $0.048225 would bring the first major support level at $0.046940 into play.
Barring a crypto meltdown, however, Stellar’s Lumen should steer well clear of sub-$0.04600 levels.
Looking at the Technical Indicators
Major Support Level: $0.046940
Major Resistance Level: $0.050530
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 3% on Tuesday. Partially reversing a 7.36% rally from Monday, Tron’s TRX ended the day at $0.014278.
Tracking the broader market, Tron’s TRX struck an early morning intraday high $0.014748 before hitting reverse.
Falling short of the first major resistance level at $0.01485, Tron’s TRX slid to a mid-afternoon intraday low $0.014076.
Steering clear of the first major support level at $0.01385, Tron’s TRX bounced back to $0.01460 levels before sliding back into the deep red.
At the time of writing, Tron’s TRX was up by 0.83% to $0.014396. A bullish start to the day saw Tron’s TRX rise from an early morning low $0.014369 to a high $0.014595.
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 to $0.01440 levels to support a run at the first major resistance level at $0.01466.
Support from the broader market would be needed, however, for Tron’s TRX to break out from the morning high $0.014595.
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 $0.01440 levels could see Tron’s TRX slide into the red.
A fall back through the morning low $0.014369 would bring the first major support level at $0.013990 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: $0.01399
Major Resistance Level: $0.01466
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
